The Bitfinex and Ethfinex cryptocurrency exchanges have listed four new stablecoins: Gemini Dollar, True USD, USD Coin and Paxos Standard.
The four dollar-pegged stablecoins will of course be available in addition to the previously available DAI and USDT. Tether Ltd, the issuer of USDT, has close ties to Bitfinex as the two entities share several top executives.
Bitfinex recently announced that it will no longer guarantee a 1:1 conversion between USDT and USD, but has instead opened markets between USDT and fiat currencies, allowing the market price of USDT to be established through trading. Tether, on the other hand, has re-instated direct redemptions of USDT for USD through its platform, although the minimum amount for redemption is 100,000 USDT.
USDT continues its dominance
USDT, which was the only stablecoin on the market for much of its existence, has been the centre of controversy for quite some time now, with parts of the cryptocurrency community questioning whether each USDT in circulation is actually backed by fiat reserves and whether USDT tokens were strategically issued to defend key price levels of cryptocurrencies. Even though Tether has made several attempts to clear its name, uncertainty continues to linger and this has opened the door for a new wave of stablecoins.
Nevertheless, USDT continues to be the dominant force in the stablecoin sector and has more trading volume and more coins in circulation than all of its competitors combined.
Six largest stablecoins on the market sorted by 24-hour trading volume