Stablecoins on GBX
In the build-up to the stablecoins going live for trading, the option to deposit stablecoins in your GBX-DAX account is now available. Users will be able to deposit any of the five listed stablecoins in preparation for trading on Wednesday.
Fee Free Trading For StableCoins
To celebrate the listing of these top-tier stablecoins, the GBX will be giving all users 30 days fee-free trading for all stablecoins on the DAX. The fee-free trading period will begin in conjunction with live trading, starting on Wednesday the 13th of March and concluding on Thursday the 11th of April.
Each of the five stablecoins will be paired against, ETH, BTC and USD fiat currency, details of the five stablecoins are as follows:
The PAX is a USD backed stablecoin, combining the stability of fiat currency with the reliability and cost-effective speed of blockchain technology. PAX is redeemable one-to-one with USD, meaning 1 PAX will always equal $1 USD.
A collaborative effort by Circle and Coinbase, developed by the CENTRE consortium, USD Coin (USDC) is an Ethereum based stablecoin, backed by USD fiat currency, and redeemable on a 1:1 basis, creating stability behind the digital asset.
The Gemini Dollar (GUSD) created by Gemini, is a USD fiat currency backed stablecoin. The GUSD is a regulated stablecoin under the oversight of U.S regulators and redeemed on a 1:1 basis with the US Dollar, which can be used on the ethereum network.
An institutional Grade Home for Stablecoins
The institutional-grade environment of the GBX is an ideal venue. Stablecoins aim to address challenges faced by conventional digital assets and generate greater levels of user adoption. GBX is regulated and operates within a rules-based system, spearheading new industry standards and trust for the token economy. Nick Cowan, CEO of the GSX Group, commented on the announcement, stating:
“With the introduction of stablecoins, GBX maintains its position as a leader in achieving greater levels of user adoption and confidence. The many benefits displayed by stablecoins have taken the token economy another step closer in those efforts. By providing a trusted, regulated and insured environment in GBX, we have created the perfect home for the realisation of those shared goals. We welcome all five stablecoins and their communities to our exchange.”
The listing of stablecoins supports the aims of GBX and the wider GSX Group, to bring about a new era of blockchain powered finance. To register for a free account, and begin trading stablecoins, with 30 days fee free trading, visit our registration page here, and see the many benefits of joining the GBX community.