Group Co.
Seed CX Announces Launch of Three Stablecoins: PAX, USD Coin & TrueUSD
Traders Magazine Online News, May 23, 2019
Seed CX, which earlier this year announced the successful launch of Bitcoin, Ether, Litecoin and Bitcoin Cash trading pairs, today announced the introduction of three stablecoins: PAX, USD Coin and TrueUSD to its digital asset exchange, bringing increased liquidity to the stablecoin market.
Through its subsidiaries, Seed CX offers a licensed exchange for institutional trading and settlement of spot digital asset products, and plans to offer a market for CFTC-regulated digital asset derivatives.
“We are excited to introduce three of the major stablecoins as tradable pairs on our secure and regulated trading platforms,” said Edward Woodford, co-founder and CEO of Seed CX. “We are also pleased that the stablecoins can be used as collateral for margin trading. 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.”
The three stablecoins (PAX, USD Coin and TrueUSD) will begin trading against the USD fiat on Friday, May 17. In the coming weeks, Seed CX plans to offer further tradable pairs between PAX, USD Coin and TrueUSD and additional fiat currencies, including EUR. For the USD fiat pairs, each stablecoin will trade with a minimum order size of one coin, and a tick size of .0001. The margin requirement to trade these pairs will be 10%, which will allow participants to trade with up to 10x leverage.
“Giving institutions that can only trade on a regulated digital assets exchange access to TrueUSD will further allow for the adoption of our first, fiat-backed stablecoin,” said Tory Reiss, co-founder of TrustToken. “We are excited to see Seed CX support TrueUSD, and look forward to collaborating with them over the coming months and years."
Seed CX is an institutional exchange and settlement infrastructure, purpose-built for customers requiring security and stability as well as best execution through deep liquidity. Additionally, participants of the exchange can utilize leverage to buy and sell digital assets with multiple forms of collateral being accepted as initial margin for trading.
“We are pleased to see our stablecoin PAX supported at Seed CX, as it brings a trusted and regulated coin to a trusted and regulated platform for digital asset trading,” said Scott Simpson, VP of Business Development at Paxos. “At Paxos, we're building an ecosystem where people can easily use PAX and we're excited for the future.”
For more information on related topics, visit the following channels:
Comments (0)