Crypto Exchange Seed CX Adds Support for Three Stablecoins

May 16, 2019
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Crypto exchange Seed CX has announced support for stablecoins Paxos, USD Coin, and TrueUSD, which are currently pegged to U.S. dollars.

Chicago-based crypto exchange Seed CX has announced support for stablecoins Paxos (PAX), USD Coin (USDC), and TrueUSD (TUSD) in a press release on May 14.

The new stablecoin additions can be traded for U.S. dollars starting May 17, and the exchange is aiming to roll out trading pairs between the stablecoins and other fiat currencies such as the euro in the near future. Seed CX CEO Edward Woodford commented on the impetus to add stablecoin options:

“Stablecoins are important in the ecosystem as they increase the velocity of movement of fiat equivalent assets 24/7 and had been requested by a number of our trading participants.”

For margin trading, the press release states that these three stablecoins can be used as collateral with a minimum holding requirement of 10%, which allows investors to trade up to 1,000% of the value for their current stablecoin holdings.

As recently reported by Cointelegraph, major crypto exchange Binance looks like it will be rolling out support for margin trading for nine trading pairs.

While not yet confirmed, the public Application Programming Interface (API) has been recently updated to include the variables “isSpotTradingAllowed” and is “isMarginTradingAllowed.”

A Reddit user observed at the outset of May that second variable check is now true for nine pairs: BTC/USDT, BNB/BTC, BNB/USDT, ETH/BTC, ETH/USDT, TRX/BTC, TRX/USDT, XRP/BTC, XRP/USDT.

Binance CEO CZ linked to the post in an official twitter post, saying “Crowd intelligence is amazing.”

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