Stable-Coin Series: Bitfinex Comes-Up With New Stable Coins

Of late, the interests in the trends of tokenization and stable coins are intensified more and more.

With that said, the renowned crypto-exchange, ‘Bitfinex’, announced that it included support for three new stablecoin trading pairs. The announcementcame in for trading of three new stable coins, namely, USD to Tether (USDc/USDT), Paxos Standard to Tether (PAX/USDT), and True USD to Tether (TUSD/USDT).

In the recent past, both of them (Bitfinex and Tether) were accused of using Tether dollar reserves to cover up over $850 million in lost funds by the New York Attorney General’s office. Judge Joel M. Cohen from the New York Supreme Court had previously ruled that Bitfinex should furnish all documents required by the Attorney General to them.

Earlier, the Bitfinex LEO token IEO was also raised $1 billion in May 2019. The IEO was floated through Bitfinex’s IEO platform Tokinex.

As a result, Bitfinex claimed the title of the leading IEO platform in H1’2019 due to the success of the LEO token raise. Another leading IEO platform is Gate.io through which projects raised $320 million.

Profoundly, stable coins in the beginning stage was a product that was quickly developed to answer the demand for digital asset trading, as well as to solve the controversies surrounding fiat trading regulations. We could foresee the prospects of stable coins, when all countries could be clear and liberal in their regulations, with that said, IBM likely to render alternative and efficient settlement methods.