Bitpanda to Add More Stablecoins to Portfolio After Tether (USDT)
Bitpanda, the Austrian broker offering fiat-to-crypto exchanges, is expanding to add some of the leading stablecoins.
Bitpanda, the Austrian cryptocurrency broker, has started the process of adding stablecoins to its portfolio. The platform added Tether (USDT) a few days ago, indicating it would expand its portfolio with other leading stablecoins.
Currently, USDT remains the leading stablecoin, with a market share of 98%. Smaller stablecoins are just growing their supply, and compete among themselves. Beyond Tether’s stablecoin, Paxos Standard (PAX) and TrueUSD (TUSD) line up among the leading assets.
For now, it is unknown whether Bitpanda would add only the dollar-pegged assets, which are backed by USD, or include DAI, an algorithmic stablecoin supported by Maker (MKR).
The news arrives at a key moment for Tether, as the stablecoin issuer admitted that its backing is not cash in a bank, but also involves cash-like assets. This raised skepticism about the stablecoin, as some of the assets issued were only backed by debt. USDT’s influence also kept increasing, reaching a record by overtaking more than 84% of all Bitcoin (BTC) trading.
The dollar-pegged coin is set to gain another fiat off-ramp, as Bitpanda allows for direct sale in dollars or euro. In addition to allowing the purchase and selling of stablecoins, Bitpanda has recently added a savings service, allowing for regular automatic purchases of digital assets.
In general, interest in buying digital assets outright has dwindled, and the prices are mostly set in crypto-to-crypto trading. However, as promising projects start to deliver results, Bitpanda has shown confidence that crypto assets are here to stay.
Europe remains one of the promising regions for new fiat inflows into various forms of crypto asset investments. EU-wide regulations offer the existence of transparent brokerages. Services like eToro popularize crypto asset trading, and the initial stages of security token exchanges are offering purchases to retail investors.