Users can Now Trade Stablecoins on Phemex

Users can Now Trade Stablecoins on Phemex

Cryptocurrency
March 14, 2022 by Editor's Desk
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Volatility and uncertainty have become synonymous with the crypto world. For investors, businesses, and everyday users, it is difficult to rely on a currency that can sharply increase or decrease in value within a short period of time. This unpredictability makes it difficult to use crypto for transactions and as a store of value. Stablecoins
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Volatility and uncertainty have become synonymous with the crypto world. For investors, businesses, and everyday users, it is difficult to rely on a currency that can sharply increase or decrease in value within a short period of time. This unpredictability makes it difficult to use crypto for transactions and as a store of value.

Stablecoins help manage this volatility. These tokens maintain a constant value irrespective of market movements, providing traders with an escape to safety when there is market turbulence and uncertainty. Importantly, stable coins also allow people in dire financial strains to maintain purchasing power amidst inflation, profligate central banks, and war.

The Russia-Ukraine conflict has definitely shone a light on the need for stablecoins. In Ukraine, the stablecoin Tether has become so valuable it trades for a premium of as much as $1.10 for an asset designed to always peg at $1.

Phemex Lists Stablecoins

The attraction of a stablecoin is understandable. Volatility creates chaos and uncertainty and a stablecoin can provide a measure of certainty in an otherwise uncertain world. Phemex is committed to providing a safe and stable trading experience for all its users and has recently added several stablecoins to its list of tradable assets. A few notable stablecoins are listed below:

FEI

FEI is an ERC-20 stablecoin native to the Fei protocol with an aim to create a liquid market where FEI/ETH can be traded closely to the ETH/USD pair.

TUSD

TUSD is the ticker symbol of TrueUSD, an ethereum-based token created by TrustToken. The project aims at creating better financial opportunities and a better, more frictionless global financial ecosystem.

USDP

Pax Dollar (USDP) is an ERC20 token on the Ethereum blockchain and collateralized 1:1 through the USD held in Paxos-owned US bank accounts.

DAI

DAI is a stablecoin linked to the value of the US Dollar. To maintain its stability, Dai’s value is regulated by MakerDAO – its decentralized governance community.

PAXG

Paxos Gold (PAXG) is a stablecoin whose value is pegged to real gold reserves held by Paxos based in New York. Each PAXG token is redeemable for 1 troy ounce of fine gold held in vaults by Paxos and its partners.

Phemex’s Commitment to Growth

Phemex is committed to providing a safe and stable trading experience for all its users. Phemex’s growth to 80+ spot trading pairs and listing of stablecoins is a testament to this commitment. The launch of these spot trading pairs allows users to trade some of the most popular stablecoins in the world, boosting user options for trading and hedging their portfolios.

To encourage trading and give back to the community, Phemex is hosting a special campaign for new and existing users to earn these new stable coins. Visit the Simply Stable campaign announcement page to join and earn your favorite stable coins!

The addition of fiat-to-stablecoin trading pairs on Phemex allows users to easily convert their fiat currency into a stablecoin, which can be used to protect their portfolios during times of market volatility. This added functionality will help to further cement Phemex as the go-to platform for all your trading needs.

Phemex continues to work towards expanding its offerings and developing new features that will make trading on the platform more exciting and user-friendly. Stay tuned for more updates!