A Top-20 Crypto Exchange Is Replacing Tether With a Rival Stablecoin

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Both tether and TrueUSD trading will remain available for a while, said Pham, before tether is dropped from the exchange. Growing competition It is notable, therefore, that a large exchange has decided to move away from offering tether trading pairs and adopt a rival stablecoin instead. Initially, Digifinex will offer TrueUSD trading pairs with bitcoin, ethereum and tether. TrueUSD trading will become available on Monday at 15:00, Singapore time. "The risk from tether and the need for a new USD stablecoin is so great," TrustToken co-founder and COO Stephen Kade told CoinDesk, "that exchanges have started trying to create their own."

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A top-20 exchange is phasing out an embattled cryptocurrency.

Digifinex has decided to replace tether (USDT), perhaps the best-known "stablecoin" designed to maintain a steady exchange rate with the U.S. dollar, with a rival, TrustToken's TrueUSD. Based in Singapore, Digifinex handled $131 million in trading volume over the past 24 hours, according to CoinMarketCap, making it the 16th-largest exchange by that measure.

Kiana Shek, Digifinex's co-founder, told CoinDesk she'd been "looking for ways to get rid of USDT" for months, adding, "I simply don't believe in tether but I had no choice" but to list it.

Speaking of the decision to adopt TrueUSD, Shek said, "through my research, due diligence, and my communications with the TrustToken team, I have come to appreciate their commitment to industry-leading best practices." She mentioned the team's compliance with the U.S. Financial Crime Enforcement Network's (FinCEN) regulations and independent...

Read the full article @ Coindesk