Bitfinex are to release new stablecoins pegged to major commodities

Rajan Dhall, MSTA FX Daily

One of the worlds biggest cryptocurrency trading exchanges Bitfinex said they are looking to add stable coins pegged to rubber, gold and crude oil,

There are already some stablecoins available on the platform including Tethers JPYT (Japanese Yen), EURT (Euro) and USDT (US dollar) which are pegged to major currencies.

In the interview, Dong said Tether (USDT) now has more than 80% of the world’s stablecoin market which stays around $4 billion in total.

This news is massive for crypto traders who could only trade crypto's against fiat currencies but now it seems that they will soon be able to trade the likes of Bitcoin against gold and even oil. What a revelation this is for the trading world.

Now all Betfinex and Tether (iFinex) have to worry about is the upcoming investigation on the companies practices, as the New York attorney general probes the companies documents in a suspected fraud case.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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