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Bitfinex, Ethfinex Add More USD-Backed Stablecoins

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Cryptocurrency exchange Bitfinex and its spin-off Ethfinex have put up support for four new USD-backed stablecoins.

This is according to a blog post that was shared just recently.

Both exchanges have launched stablecoins USDC, True USD (TUSD), Paxos (PAX) and the Gemini dollar (GUSD) in an effort to keep the platforms “agnostic.” The four new stablecoins join the already supported Ethereum-backed coin DAI and the industry stalwart, Tether (USDT), all to be exchanged against USD.

Clarifying that the move is an effort to offer an “unbiased meeting place” for crypto traders, the exchanges stressed that deposits and withdrawals for the newly added stablecoins are restricted to confirmed traders within their platforms, while trading verification status does not influence trading.

The move comes after the introduction of direct USDT-fiat trading in late November, through the addition of USDT/USD and EURT/EUR trading pairs on the Bitfinex platform. That update was made in combination with the launch of direct 1:1 redemptions of USDT to fiat on Tether’s platform.

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