In India, there are many cryptocurrency exchanges that are willingly referring and adding the support for stablecoins. Some stablecoins that exchanges like Zebpay, Unocoin, WazirX, Koinex, etc. are adding includes Tether (USDT) and TrueUSD (TUSD) to their platforms.
Exchanges have figured out stablecoins as the solution to reduce the influence of the cryptocurrency banking ban levied by the central bank.
Unodax, WazirX, Zebpay Adopts Stablecoins
On Wednesday, the leading Indian cryptocurrency wallet, Unocoin added TrueUSD (TUSD) support to its cryptocurrency exchange- Unodax. The ERC-20 token is developed on the Trusttoken platform, where single TUSD backs one USD kept in reserve for redemption. However, currently, Unodax provides 22 TUSD trading pairs including BTC, ETH, BCH, XRP, and LTC.
— Unocoin (@Unocoin) August 8, 2018
The CEO and co-founder of Unodax, Sathvik Vishwanath quoted:
After RBI banned bank transfers for crypto trading investments, we were looking for plausible solutions to help our users continue to hodl, without any hassles. Crypto enthusiasts may now use trueusd stable coin as the exchange medium for other crypto-assets to minimize their risks in the volatile market.
On 10th July, Wazirx also announced an escrowed Peer to Peer service. This service utilizes tether and allows the customers to deposit and withdraw INR, overcoming the RBI’s ban. This service was equipped using the Bitcoin blockchain, where single USDT backs one USD kept in reserve for redemption in cash. Wazirx also used TUSD stablecoin as a deposit option.
Today we reveal the most legal way to deal with cryptos in India after RBI restriction comes into effect. Do share it and help spread the word! https://t.co/upZk4iN7A3#blockchain #cryptocurrency #isupportcrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) June 27, 2018
USDT is used to make stability and crazy liquidity happen. While crypto price fluctuations were beyond our control, we needed to bring in a stable coin. Since we wanted to add the stable coin with the highest liquidity in the global market, we’ve decided to go with the tether.
Earlier this week, the third largest Indian cryptocurrency exchange, Zebpay also added the support for TUSD on its platform. The exchange also reduced the withdrawal fees for various currencies. Zebpay wrote:
Till 31st August 2018, the withdrawal fees for TUSD are zero. You can now buy, sell and trade TUSD in two trading pairs: TUSD-INR and BTC-TUSD.
There are many more Indian exchanges that are adding stablecoins to offer TUSD and USDT services:
- On 11th August, Zecoex adopted TUSD stablecoin markets for Bitcoin, Ethereum, and Ripple trading pairs.
- Coindelta also added USDT for deposits, withdrawals and trading options.
- Koinex also made an announcement on 6th July stating that they are accepting TUSD. They have opened the deposit and trading markets for TUSD against INR, BTC, ETH, and XRP.
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Image Source: Stablecoins