Seed CX has launched three stablecoins, PAX, USD Coin and TrueUSD, on its digital asset exchange.
Through its subsidiaries, Seed CX offers a licensed, institutional exchange platform for trading digital assets, and plans to offer a market for Commodity Futures Trading Commission (CFTC)-regulated digital asset derivatives.
The three stablecoins are set to begin trading against the USD fiat on May 17. In the coming weeks, Seed CX aims to offer further tradable pairs between the new stablecoins 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. The margin requirement to trade these pairs will be 10%, allowing participants to trade with up to 10x leverage.
“We are excited to introduce three of the major stablecoins as tradable pairs on our secure and regulated trading platforms,” says Edward Woodford, co-founder and CEO of Seed CX. “We are also pleased that the stablecoins can be used as collateral for margin trading. Stablecoins are important in the ecosystem as they increase the velocity of movement of fiat equivalent assets 24/7 and had been requested by a number of our trading participants.”
Tory Reiss, co-founder of TrustToken, adds: “Giving institutions that can only trade on a regulated digital assets exchange access to TrueUSD will further allow for the adoption of our first, fiat-backed stablecoin. We are excited to see Seed CX support TrueUSD, and look forward to collaborating with them over the coming months and years.”