The Digifinex crypto exchange is planning to replace Tether (USDT) with a rival TrustToken’s TrueUSD. Tether is perhaps the best-known stablecoin that’s designed to maintain a steady exchange rate with the U.S. dollar. According to CoinMarketCap, Digifinex handled $131 million in trading volume over the last 24 hours, thereby making it the 16th largest exchange by that measure.
Digifinex Co-founder, Kiana Shek said that the exchange had been looking out for ways to get rid of USDT for months. She also added that she just doesn’t believe in Tether, but she had no choice to list it on the exchange. Kiana Shek said that this decision to adopt TrueUSD was made based on her research, due diligence and her discussions with the TrustToken team. She said that she really appreciates their commitment towards industry-leading best practices.
Adding to Digifinex crypto exchange’s decision to replace Tether with TrueUSD, Stephen Kade, COO TrustToken said that exchanges have started trying to create their own stablecoin, as the risk from Tether is huge and the need for a new USD stablecoin is great.
TrueUSD trading on Digifinex will be available from September 17, 15:00 P.M., Singapore time. The exchange will initially offer TrueUSD trading pairs with Ethereum, Tether and Bitcoin. Both TrueUSD and Tether trading will be available on the platform for a while before Tether is dropped from the exchange, as mentioned in the CoinDesk report.
Digifinex crypto exchange Co-founder, Kiana Shek also mentioned that the TrustToken team’s compliance with the U.S. Financial Crime Enforcement Network’s (FinCEN) regulations and independent verification by an outside auditing firm impressed her. TrustToken engaged a top 50 public accounting firm with cryptocurrency expertise, Cohen & Company to independently confirm that the TrueUSD assets that the independent fiduciaries hold in escrow, adequately collateralize the outstanding TrueUSD coins that have been issued, as stated in the TrustToken blog.[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 of the website. ]