FxWirePro: Trend of Stable-coins – Top brass exchanges to list new stable-coins

The predominant objective behind cryptocurrency was to generate fidelity and anonymous method of mobilizing funds efficiently, ever since then it’s been presaged as ‘digital gold’. Well, to foster the anonymity, a Japanese had to invent something which was not existed, this was possible when Blockchain technology, the digital ledger of constant Bitcoin transactions, was developed. But, due to the rising scams in the crypto-industry in the recent past, trend of Stable-coin has been eye-catchy. As a result, Tether (USDT) was launched.

We already reported that a San-Francisco based crypto exchange, Kraken has responded to a recent article by Bloomberg that argues Tether (USDT) is being manipulated on their exchange. Kraken took a dig at the article’s complex headline and insinuated that the article was written to have an effect on the price of futures trading.

In the recent past, Bloomberg publicized an investigative report probing trades involving tether, a “stablecoin” allegedly backed by physical U.S. dollars at a 1:1 ratio. 

Now, London Block Exchange (LBX) based at London’s Canary Wharf, which is a cryptocurrency exchange platform, has announcedits idea of launching its own cryptocurrency linked to the pound sterling. 

The London Block Exchange  flauntsthemselves as the “only London-based cryptocurrency exchange offering safeguarded UK Banking.” The firm render Over-The-Counter (OTC) services in conjunction with a “College Of Crypto” to educate about the newly invented industry.

While the ever-contested tether suffered a plunge in value, it was only good news for possibly every other stablecoin on the market.

While tether was whirling, as a Malta-based crypto exchange, OKEx, listed some alternative dollar-pegged stablecoins: TrustToken's TrueUSD (TUSD), Circle's USDCoin (USDC), the Gemini Dollar (GUSD) from the Winklevoss-founded New York exchange and the Paxos Standard Token (PAX).

The Singapore-based exchange clarified that it intends to provide users with more options as the latest stablecoins have demonstrated their roles and significance. 

Institutional investors and over-the-counter (OTC) traders are targeted to sign up as market makers as the market cap of the stablecoin market is still quite low in comparison to other cryptocurrencies, the exchange added.

Currency Strength Index: FxWirePro's hourly BTC is flashing at 40 (bullish), hourly USD spot index is flashing at 2 levels (which is neutral) while articulating (at 06:56 GMT). 

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http://www.fxwirepro.com/currencyindex