03 Nov Coinbase Token Attracts Capital But PAX Leads Trading
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It’s now been nearly two months since Winklevoss-led cryptocurrency exchange Gemini fired the first shot in the stablecoin wars through the launch of its USD-pegged crypto token, the eponymous Gemini Dollar. That same day, Paxos — like Gemini an NYDFS-regulated firm — made a similar announcement, and before long, crypto unicorns Circle and Coinbase revealed that they had partnered to co-issue a consortium-led, fiat-backed token, USD Coin.
These three tokens, along with fellow “regulated” stablecoin TrueUSD (TUSD), which launched earlier in the year, have collectively attracted more than $400 million in fiat inflows while tether (USDT) — long the dominant stablecoin with a market cap as high as $2.9 billion — shed more than $1 billion during October alone as it struggled to maintain dollar parity.
Having launched in March, TUSD had a head start in the race to replace tether. When Gemini Dollar (GUSD) and Paxos Standard (PAX) began…
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