Seed CX To Add Support For 3 US Dollar-Backed Stablecoins
U.S.-based cryptocurrency exchange Seed CX, backed by Bain Capital, is set to add support for three U.S. dollar-backed stablecoins to its platform to offer institutional investors more options to fund their trade obligations.
The exchange will list Paxos Standard (PAX), TrueUSD (TUSD), and USDCoin (USDC) stablecoins as tradable pairs. Institutions generally trade only on regulated digital assets exchanges.
The move comes a few months after launching Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) spot trading pairs earlier in the year.
The three stablecoins will begin trading against the U.S. dollar fiat from Friday, May 17. Each stablecoin will trade with a minimum order size of one coin, and a tick size of .0001, with the margin requirement to trade these pairs being 10 percent.
Seed CX also plans to offer further tradable pairs between PAX, USDC and TUSD and additional fiat currencies such as the euro.
There have been requests from a number of its trading participants to add stablecoins as it can be used as collateral for margin trading. Stablecoins are also important in the ecosystem as they increase the velocity of movement of fiat equivalent assets.
Through its subsidiaries, Seed CX offers a licensed institutional-grade digital asset exchange for spot tradin and plans to offer a market for CFTC-regulated digital asset derivatives.
Seed CX launched spot trading in digital assets or cryptocurrencies such as Bitcoin for institutional investors like hedge funds in late January. It initially opened spot trading for BTC to US dollar trading pair. It then added US dollar pairs with ETH, LTC and BCH by mid-March.
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