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Crypto exchange Seed CX adds support for PAX, USD Coin and TrueUSD

Thu, 16 May 2019, 11:37 am UTC

Seed CX, a Chicago-based cryptocurrency exchange, has announced support for three stablecoins on its platform.

The exchange platform, which already supports Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), is adding support for Paxos Standard (PAX), USD Coin and TrueUSD.

According to the official release, these three stablecoins have been initially paired against the US dollar and will commence trading on Friday, May 17. In the coming weeks, Seed CX plans to offer additional 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. To trade these pairs, the margin requirement will be 10%, allowing participants to trade with up to 10x leverage.

Backed by Bain Capital, OKCoin USA, Dekrypt Capital and others, Seed CX offers an institutional digital asset exchange for spot trading through its subsidiaries. In March, it partnered with Singapore-based trading infrastructure technology provider Hydra X as part of its efforts to venture into the Asian markets.

Seed CX also plans to offer a market for CFTC-regulated digital asset derivatives through its subsidiary Seed SEF.

Earlier this week, Francois Villeroy de Galhau, an official at the European Central Bank (ECB), said that he sees a role for stablecoins in the financial system, adding that they are “quite different from speculative assets like bitcoins, and more promising.”

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