On Monday, Bitfinex announced the launch of the first two cryptocurrency trading pairs with steablcoin USDT on its platform, against which Bitcoin and Ethereum are traded, respectively. Earlier, only USD was traded against USDT on Bitfinex with the possibility of marginal collateral.
The BTC / USDt and ETH / USDt pairs were brought to a separate market under the UST ticker and are already available for bidding.
The volume of trading in both pairs at the time of publication is insignificant, but the rate of base currencies in them is lower than in pairs quoted for the US dollar.
“Since Bitfinex is committed to providing its users with a variety of tools for implementing differentiated trading strategies, we decided to take a step towards simplifying and optimizing the capabilities of inter-exchange market-making in pairs with USDT,” writes the exchange.
Previously, Bitfinex, despite its close relationship with the USDT issuer by Tether, represented only trading pairs denominated in US dollars, excluding the USDt / USD pair. However, Bitfinex, until recently, was the main channel for redeeming USDT. In November last year, the possibility of withdrawing USDT to US dollars through Tether’s own infrastructure was resumed.
“This will increase liquidity between the pairs. Great! ”Commented Gabe Gurbach, VanEck digital assets strategy head.
