One of the leading names in the crypto trading space, Bitfinex announced on Friday that it has opened margin trading for USDT/USD pair, thus improving its stablecoin offering in line with market evolution and consumer demand. This news was made public by the exchange in a blog on Friday.
“Adding margin trading on USDT/USD pair will not only allow for more efficient price discovery but in an important move for risk management, unlock the ability to hedge the exposure taken on stablecoins,” reads the blog.
Margin trading for USDT/USD pair on Bitfinex is now open. Read our announcement for more on what this means for our traders: https://t.co/kYZP6R1Yzq pic.twitter.com/wc5zsN4sh2
— Bitfinex (@bitfinex) December 21, 2018
This move by the Hong Kong-based exchange seems to be an effort to take forward the ‘Tether Neutrality’ initiative which began last month. In November, the exchange announced that the users will be able to trade Tether-fiat directly on the platform through the addition of USDT/USD and EURT/EUR Tether trading pairs. This replaced the previous 1:1 conversion on deposits and withdrawals provided by Bitfinex, and reflects the increasing range of choice in the stablecoin market.
Currently, the stablecoin margin trading is necessarily limited to USDT/USD, but as part of our commitment to providing a coin agnostic platform, there are plans to introduce margin trading for the other major stable coin pairings when sufficient liquidity is reached.
Earlier this month Bitfinex along with Ethfinex announced the listing of the six major stablecoins to its stable. In addition to Tether and Dai, it added some of the established names like USDC, True USD, Paxos, and Gemini USD.
“Stablecoins present a great opportunity for wider adoption of blockchain technologies through the stability and utility of fiat currencies. We are proud to support this growing market and will continue to dedicate ourselves to the development of tools which promote innovation and collaboration within the digital asset space,” said the blog post.
See Also: Ethfinex and Bitfinex list all six major stablecoins
Bitfinex Exchange starts the deposit and withdrawal of Bitcoin SV
Image via Shutterstock
Join Our Telegram Group