Chicago-based crypto exchange Seed CX has announced support for stablecoins Paxos (PAX), USD Coin (USDC), and TrueUSD (TUSD). The new stablecoin additions can be traded for U.S. dollars, and the exchange is aiming to roll out trading pairs between the stablecoins and other fiat currencies such as the euro in the near future.
The CEO continued to share a broader vision for cryptocurrencies, in which they are used as a common and accessible store of wealth. He stated if big technology companies want to put their resources toward building public peer-to-peer crypto infrastructure, It would be ecstatic. An anonymous revealed that Facebook will roll out its cryptocurrency, purportedly a stablecoin, sometime in the third quarter of 2019.
Francois Villeroy, governor of the Bank of France declared that they are interested in Stablecoin. The Bank of France reminds those investing in bitcoin that they do so entirely at their own risk. Unlike bitcoin, stablecoins are designed such that their value is always tied directly to some asset, such as gold, or are stabilized by an algorithm.
eToroX, the blockchain wing of the global investment company eToro has announced that it has come up with 2 commodity-stablecoins: eToro Gold (GOLDX) and eToro Silver (SLVX) along with 2 fiat-stablecoins: eToro Ruble (RUBX) and eToro Yuan (CNYX). Doron Rosenblum, MD of eToroX, said: “The addition of these fiat pairs means that people can now trade FX 24/7 as well as traditional assets such as gold and silver. We are continuing to open up markets and this step allows people for the first time to trade, hedge and close exposure whenever they want.”
The Motley Fool wrote that Facebook’s much speculated, upcoming cryptocurrency project dubbed the Facebook Coin, will likely interest traditional credit card companies such as Mastercard and Visa. The article also believes that a unified Facebook cryptocurrency would present a strong challenge to other fitness involved in the payment sector or which has payment platforms like PayPal, Google Pay, Amazon Pay, and Apple Pay.
The CEO of Binance Changpeng Zhao in a response to a Twitter user who suggested the exchange should launch a stablecoin suggests he is considering launching one. The Twitter user said a stablecoin from Binance would become a major token on the Binance blockchain and there is no reason why the exchange shouldn’t launch one. Though it has its own successful crypto Binance Coin (BNB) dubbed as new Bitcoin, they hope with stable value users can pay for goods and services.
USD-backed stable coin Paxos Standard (PAX) will be launched soon by Ontology, an enterprise blockchain platform. The announcement regarding their plan to launch the project was published in a press release on last April 27th. Ontology then explained that PAX, “is the first regulated USD stable coin that ensures open auditing, asset safety, and is supported by a large number of exchanges.”
A payment platform Wirex will be launching 26 stablecoins on the stellar blockchain network. The announcement on launching the stablecoins was made on Thursday with the confirmation that the stablecoins will be backed by a variety of fiat currencies such as U.S. dollar, euro, the British pound, Hong Kong dollar and the Singapore dollar.
A payment service provider company, Bitspark have shared their plan in launching a stablecoin pegged to the Philippine peso (PHP). The announcement in launching the stablecoin was made in a press release where Bitspark has explained further that a technology start-up based in Cambodia Okra Solar will become the first to use peg.PHP launched by Bitspark.
Four new stablecoins pegged to to Australian dollars, euros, Canadian dollars, and Hong Kong dollars to be launched by TrustToken and they will be called TrueAUD, TrueEUR, TrueCAD, and TrueHKD respectively. TrueAUD will be immediately listed on exchanges, while TrueCAD and TrueHKD will be launched in the second quarter of 2019, with TrueEUR in the third.