Cryptocurrencies
Biggest Crypto Exchange Takes on Tether With Own Stablecoins
- Binance could issue its first stablecoin within several weeks
- Tether accounts for 98.7% of trading volume, Bitfinex says
Tether
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Beware, Tether. Some serious competition may finally be heading your way.
Binance, the world’s largest cryptocurrency exchange, will begin issuing so-called stablecoins “in a matter of weeks to a month or two," Chief Financial Officer Wei Zhou said in a phone interview. Traders use these lower-volatility coins to facilitate transactions and to park funds during wild swings in prices, and until now, Tether has been the undisputed market king.