The Daily

Binance Moves Away From Tether, Nasdaq Moves Closer to BTC Futures

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In this edition of The Daily, we detail the reduced role that tether is playing at the world’s leading cryptocurrency exchange and the progress being made in adding bitcoin futures to the world’s second largest stock exchange. We also round up the latest progress being made in the security token space.

Binance Tiptoes Away From Tether

Like many exchanges, Binance has sought to reduce its exposure to tether (USDT) in recent months by introducing a range of alternative stablecoins. Binance has now moved to further distance itself from tether by removing it as the reference BTC/USD pair on the platform. In its place will come “USDⓈ.” This is not a new stablecoin, but rather the name Binance has assigned to the combined stablecoins it will use to derive its BTC/USD price.

“This is to support more trading pairs with different stablecoins offered as a base pair,” explained the cryptocurrency exchange, the world’s largest by trading volume. The website untether.space, which records the so-called “tether risk premium,” notes that on USDT exchanges, BTC is currently trading at a premium of 3.67 percent.

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