Paxos (PAX) Trading Against Tether (USDT) Takes off on Binance
Cryptovest
Published Oct 05, 2018 11:54AM ET
Updated Oct 05, 2018 01:01PM ET
Paxos (PAX) Trading Against Tether (USDT) Takes off on Binance
Binance saw the recently-listed Paxos-Tether (PAX/USDT) trading pair take off with nearly $2.5 million in volumes in 24 hours, showing the need for stablecoins to bridge different exchanges.
Currently, Binance carries more than 87% of trading against PAX, increasing its liquidity with one of the full-disclosure, legalized stablecoins. PAX launched Binance trading on October 2, with the BTC pair already reaching 153 BTC volumes in 24 hours.
Stablecoins pegged to the US dollar are seen as one of the most intuitive instruments for trading. However, several startups are seeking an alternative to the prevalence of USDT. The first days of trading saw funds flow into PAX. USDT is also paired with TrueUSD (TUSD), ...
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