Cryptocurrency exchanges need to keep evolving at all times. Expanding the number of trading pairs is one way to achieve that goal. Poloniex, a prominent cryptocurrency exchange, is adding various USDT trading pairs. This further confirms stablecoins continue to make their mark on the cryptocurrency industry as a whole.
Poloniex Expands USDT Trading Options
Stablecoins are making their mark on the industry over the past year and a half. Tether’s USDT is by far the most popular currency in this regard. With over 2 billion coins in circulation, it is a very liquid stablecoin. Poloniex, the prominent cryptocurrency exchange, is adding support for additional USDT trading pairs. It is one of the first major changes enforced by Circle since they took ownership of the firm.
Among the new trading pairs are 0x (ZRX), Lisk (LSK), Dogecoin (DOGE), Golem (GNT), and Siacoin (SC). There has been a recent Dogecoin price increase, taking a lot of people by surprise. Most of the trading volume originates from trading pairs linked to Tether’s native currency. That trading activity takes place on other platforms, which may explain Circle’s sudden decision. Exploring new market opportunities will bring more attention to the Poloniex exchange.
Stablecoins are a viable alternative to direct fiat currency trading. Tether’s currency is pegged to the US dollar at all times. It can make it slightly easier for cryptocurrency enthusiasts to acquire any of the supported currencies traded against USDT. At the same time, it seems altcoins will remain a much smaller market for this type of trading. Most of the Tether volume finds its way to Bitcoin or Ethereum first and foremost.
A New Era for Tether?
The lack of Bitcoin price volatility causes many different discussions. One rumor is how Tether’s currency is no longer used to “manipulate’ the Bitcoin price on a large scale. Instead, the currency is making its way to altcoin markets to prop up those values. Given the lower market cap of Dogecoin, 0x, Lisk, and so forth, causing any major changes is not overly difficult.
Assuming the values of these five currencies increase, that doesn’t validate manipulation concerns. Instead, the USDT additions will spark a new interest in these markets during the first few weeks. Remaining successful once the hype dies down, however, may be a big challenge. There will always be users who oppose Tether and its currency, despite the firm not doing anything wrong.
One could argue this change heralds a new era for Tether and its native currency. Venturing into altcoin markets is a positive change. Exchanges such as Poloniex see a lot of merit in this stablecoin. Additionally, competition among currencies pegged to the US Dollar is heating up.
What do you think about these new USDT trading pairs? Let us know in the comments below.
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