Crypto exchange Seed CX has announced support for stablecoins Paxos, USD Coin, and TrueUSD, which are currently pegged to U.S. dollars.
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.
Binance CEO CZ linked to the post in an official twitter post, saying “Crowd intelligence is amazing.”