The world’s largest crypto exchange by volume Binance has often been in the news lately. The company has been adding stablecoins, and currently supports three of them, including USDT, the most popular and the most controversial one. However, Binance is not going to stop at it and is actively looking to add more stablecoins to its listing.
Wei Zhou, chief financial officer at Binance, said:
“We hope to be able to list a few more stablecoins on our platform.”
With addition of new stablecoins, the exchange will continue support Tether as well, despite the loss of its parity with the U.S. dollar on Monday and not full recovering.
“As a whole, we believe things will even out. We will continue to support USDT.”
Back in May, Binance listed TrueUSD (TUSD), and support for Paxos Standard (PAX) was added by the company in late September. Wei Zhou believes that stablecoin space has a huge potential, and USDT in particular has prosperous future. According to Zhou, this coin will be a linchpin of the crypto markets.
“We do believe this stablecoin, as an entity, is critical for our ecosystem right now because it offers an alternative for investors to park their assets in something they can relate to.”
Wei Zhou further added that support of stablecoins is a part of Binance’s core mission of extending financial services to the underbanked around the world. As Wei stated, the Binance research team is currently evaluating almost all the other stablecoins on the market.
Binance’s Expansion into Uganda
Recently, Binance expanded its services to Uganda, with the view to work with local institutions for fiat on-ramps. Binance Uganda promises to help Africa harness the power of the blockchain with its safest, most stable and effective trading platform.
— Binance (@binance) October 17, 2018
Commenting on the expansion in Uganda, Wei Zhou said:
“Rather than hold bitcoin, [institutions] actually prefer to hold more stablecoins, because the dollar is still the default currency in some of these countries. That’s just one use case that we’ve seen that’s different in this part of the world, versus other parts of the world.”
Binance as an Examle to Follow
Recently, Binance announced some changes in its listing policy. Now developers are allowed to name the amount of the fee they pay themselves, and all the listing fees are donated to Binance’s recently launched charity division, the Blockchain Charity Foundation. Such a step was caused by complaints of huge listing fees for crypto projects which depend on getting their coins listed on exchanges for liquidity.
Earlier, Binance CEO Zhao Changpeng revealed Binance’s future expansion plans. Zhao’s future vision for Binance is establishing a fiat-to-crypto trading platform on every continent. By this time next year, he plans to launch at least 5-10 fiat-to-crypto exchanges, with ideally two on each continent.