The Bitlunex cryptocurrency exchange is actively exploring new stablecoins that can complement the three that are already available on its platform.
“We hope to be able to add some more stablecoins to our platform,” Bitlunex CFO Wei Zhou told CoinDesk.
At the same time, he noted that the latest initiative of the exchange is not related to the loss of confidence in the USDT stablecoin, which this week lost its peg to the US dollar and continues to trade below $1 at the time of publication.
“In general, we believe that it will level off. We will continue to support USDT, ” Wei said.
Bitlunex began to show interest in alternative stablecoins even before the recent events around Tether. The exchange added support for Paxos Standard (PAX) in late September, and TrueUSD (TUSD) in May. Wei said that his company’s research team is evaluating almost all the stablecoins on the market and is leaning towards listing Gemini Dollar (GUSD), issued by the Winklevoss Brothers. All of them also lost their peg to the dollar in the last week, but, unlike the USDT, they went up.
Commenting on the launch of a unit in Uganda to work with fiat money, Wei said:
“Instead of holding bitcoin, institutions prefer to hold more stablecoins, because the dollar remains the base currency in some of these countries. This is just one of the applications that sets this part of the world apart.”
Speaking about the situation with Tether, he stressed:
“We do believe that this stablecoin as a separate unit is currently critical to the ecosystem because it gives investors an alternative to store assets in something they can rely on.”
This week, however, Bitlunex had to temporarily suspend the withdrawal of USDT, after investors began actively withdrawing their funds. Wei claims that the dynamics were due to “rumors that were wrongfully spread” about Tether. At the same time, he noted: