CobinHood Cryptocurrency Exchange Lists Four Major Stable-Coins

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CobinHood Cryptocurrency Exchange Lists Four Major Stable-Coins

CobinHood cryptocurrency exchange platform has listed four stablecoins. The four stablecoins include the Gemini Dollar (GUSD), MakerDao (DAI), Paxos Standard Token (PAX) and TrueUSD (TUSD).

Digital Exchanges around the world are trying hard to bring stability to crypto market by listing stablecoins. Recently, Liquid cryptocurrency exchange platform listed GUSD and USDC on their platform.

Cryptocurrencies such as Bitcoin, Ethereum and other Altcoins can extremely volatile. Some of them moving up and down by around a factor of 20 to 30 percent within a couple of hours. It is believed that stablecoins can help bring much-needed stability and predictability into crypto markets though this hypothesis remains to be tested to be true. Stablecoins are generally pegged against fiat currency like USD, EUR, CNY or JPY and sometimes against gold or oil.

According to the announcement, "The GUSD, DAI, PAX and TUSD stablecoins will be available on the COBINHOOD exchange for deposit or withdrawal and trading for all users."

Four Stable-Coins In Brief

The Gemini Dollar (GUSD) is the world's first regulated stablecoin. It operates on the Ethereum network according to the ERC20 token standard. Issued by Gemini, a New York trust company, GUSD is strictly pegged 1:1 to the U.S. dollar. It is backed by the combined strength of blockchain technology and New York State Department of Financial Services (NYDFS) regulation. GUSD/USDT and GUSD/BTC will be available on Cobinhood as trading pairs.

MakerDao (DAI), Dai Stablecoin is ERC20 token/coin and it is a collateral-backed cryptocurrency whose value is stable relative to the US Dollar. However, it is not regulated by any central authority per se. Maker, a smart contract platform on Ethereum, uses Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors to stabilize DAI value. DAI/USDT and DAI/ETH will be available on Cobinhood as trading pairs.

The Paxos Standard Token (PAX) stablecoin is an ERC20 token built on the Ethereum blockchain. It is fully collateralized on a 1:1 basis with U.S. dollar. PAX stablecoin is issued by the Paxos Trust Company. It is approved and regulated by the New York State Department of Financial Services (NYDFS). PAX/USDT and PAX/BTC will be available on Cobinhood as trading pairs.

TrueUSD (TUSD) is an ERC20 stablecoin is backed by the U.S. dollar. It is fully legally secured and verified by third-party attestations. TrueUSD is project of the TrustToken platform. Every TUSD is 100 percent collateralized by USD and held in professional trust firms and banks. TUSD/USDT and TUSD/BTC will be avaiable on Cobinhood as trading pairs.

Executive Opinion

Cobinhood Co-Founder Wei-Ning Huang said, "The biggest flaw in the market right now is uncontrolled fluctuations in the value of many customary cryptocurrencies. We are increasing the presence of stablecoins on the COBINHOOD exchange so the community understands that their voices have been heard and stability is being made possible. Our mission is to make the space more approachable for anyone who wants to participate."

Following stablecoin trading pairs will be available on Cobinhood  : GUSD/USDT, GUSD/BTC, DAI/USDT, DAI/ETH , TUSD/USDT and TUSD/BTC

PC:snip from cobinhood

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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