Cryptocurrency exchanges add stablecoins in India to their platforms in order to keep their trade alive after the ban imposed by the Reserve Bank of India. Stablecoin is a cryptocurrency pegged to a stable market asset such as trueusd (TUSD) and tether (USDT). They are used as a part of the strategic solution to minimize the effect of the ban on crypto trade.
According to Bitcoin News, it is stated that Indian cryptocurrency exchange Unocoin announced the latest addition of TUSD on their platform Unodax. Currently, it is offering around 23 TUSD trade pairs like BCH, BTC, LTC, ETH, and XRP. A single TUSD is backed up by one USD in reserve which is redeemable. Crypto exchanges add stablecoins to continue the investments without any disruption and hassles as quoted by Unocoin CEO and co-founder, Sathvik Vishwanath. Another crypto exchange Zebpay introduced TUSD into their platform with a zero withdrawal fee until this month.
Cryptocurrency Exchanges Add Stablecoin & New Schemes
Wazirx has begun a peer-to-peer service for fund transfer which enables the customer to deposit and withdraw money through cryptocurrency deals. In addition to this, they have also unveiled the services of TUSD deposits on their exchange. It not only facilitates the business service but also brings instability to the fluctuating crypto market.
Zecoex and Coindelta have chosen USTD to keep their crypto trade alive until next hearing of the impending petition filed in the Supreme Court. The ban upliftment is uncertain and there is no update on the government’s stand on the crypto trade as of now. There is a long list of exchanges that are following the trend with a new set of schemes to attract investors in India. Perhaps, this is a suitable alternative for time being against fiat currency.
Cryptocurrency exchanges add stablecoins as a temporary arrangement to continue trade but how far will it go gain the confidence of customers?[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy the website. ]