Stablecoins Becoming Popular in India Under Central Bank Uncertainty
A lot of crypto exchanges in India are adding stablecoins like trueusd(TUSD) and tether (USDT) to their platforms. This is a part of the exchanges’ efforts to minimize the impact of the crypto bank imposed by the central bank of the country.
Unocoin, one of India’s biggest exchanges announced the addition of TUSD to Unodax, its crypto-to-crypto platform. TUSD is an ERC-20 token built on the Trust token platform and is said to be backed by one USD in reserve that can be redeemed.
It was reported that the decision to add TUSD was taken to ‘minimize the RBI’s circular impact on cryptocurrency investors and traders’.
Sathvik Vishwanath, the CEO and co-founder of the exchange commented on this addition,
After the RBI banned bank transfers for crypto trading and investments, we were looking for the plausible solutions to help our users continue to hold, without any disruptions and hassles.
Another crypto exchange, Zebpay, also added TUSD to its problem last week. Zebpay also reduced withdrawal fees for several cryptocurrencies. For TUSD, withdrawal fees are zero till Aug 31,2018. Zebpay stated,
You can now buy, sell and trade TUSD in two trading pairs: TUSD-INR and BTC-TUSD.
Wazirx, another crypto exchange in India launched USDT on its platform and stated that it is used ‘to make stability and crazy liquidity happen’. Wazirx said,
While building Wazirx P2P, we realized that since crypto price fluctuations are 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 tether.
More and more exchanges are offering USDT and TUSD in India. On August 11, Zecoex announced that it has introduced TUSD for BTC,ETH and XRP pairs.
Coindelta has also added USDT for deposit, withdrawal and trading. Furthermore, Koinex issued TUSD in July and allows users to deposit and trade TUSD against INR, BTC,ETH and XRP. Koinex stated,
With the absence of INR corridors, we began to find a suitable alternative to the stability of digital assets against fiat currency. After sincere efforts, we are glad to announce the introduction of trueusd (TUSD) as a stable coin on Koinex.
Click here to read more about crypto-regulations in India.