Add UST (Terra) Stablecoin Trading Pairs on Tier 1 Crypto Exchanges
Add UST (Terra) Stablecoin Trading Pairs on Tier 1 Crypto Exchanges
The Issue
We request Tier 1 crypto exchanges add UST (Terra) stablecoin to crypto trading pairs on their platform.
For far too long, crypto participants have had no option other than centralized stablecoins like USD Tether. The responsibility lies with crypto exchanges as gatekeepers to offer alternative options for investors and traders.
The Problem with Centralized Stablecoins
There is no question stablecoins play an essential role in the crypto ecosystem. If USDT (Tether) were to unravel tomorrow, the entire crypto market would collapse. All stakeholders would be affected, from retail investors, crypto exchanges to crypto projects.
Centralized stablecoins, specifically USDT have captured nearly all the stablecoin to crypto trading volume due to its first-mover advantage. USDT makes up over 57% of stablecoin circulating supply and 85-90% of stablecoin trading volume on any given day.
The crypto market’s reliance on a single centralized stablecoin that many, including Vitalik Buterin and Jim Cramer, refer to as a ticking timebomb, is simply unacceptable. If you aren’t yet familiar with the history of Tether, I encourage you to watch CoffeeZilla’s video “Exposing Tether” which does a thorough job in covering the controversy surrounding Tether.
The fact is Tether’s lack of transparency, combined with the monopoly it has over crypto’s trading volume, poses a significant systematic risk to the crypto ecosystem. It’s not only sensible but imperative that we as a community transition away from the sole reliance on USDT.
Why UST (Terra)?
UST (Terra) is the largest decentralized algorithmic stablecoin. It’s transparent, highly scalable, and has proven to be effective in holding its peg even during times of extreme market conditions, making it an ideal alternative to centralized fiat collateralized stablecoins.
Moreover, decentralized stablecoin like UST is permissionless and immutable. Only through broader adoption of decentralized stablecoins can there be true decentralized finance (DeFi) applications.
Our Goal
Our mission is to prove to exchanges that there is market demand and an appetite for decentralized stablecoin trading pairs. And thereby request that the following crypto exchanges: Binance, Huobi Global, FTX, Kraken, Bitfinex, Gate.io, Bittrex, & WooX enable UST trading pairs on their platform.
In addition to giving market participants more choices, diversifying the crypto’s dependence on centralized stablecoins will make it more resilient and mitigate what arguably is the biggest risk to crypto today.
Support our campaign by signing the petition and more importantly share it with other social media platforms. It's the only way we can raise awareness and get more eyeballs on the issue.
Follow to get ongoing updates on the campaign.
Twitter - https://twitter.com/Coindicator
UST Medium Post - https://cryptocents.medium.com/
The Issue
We request Tier 1 crypto exchanges add UST (Terra) stablecoin to crypto trading pairs on their platform.
For far too long, crypto participants have had no option other than centralized stablecoins like USD Tether. The responsibility lies with crypto exchanges as gatekeepers to offer alternative options for investors and traders.
The Problem with Centralized Stablecoins
There is no question stablecoins play an essential role in the crypto ecosystem. If USDT (Tether) were to unravel tomorrow, the entire crypto market would collapse. All stakeholders would be affected, from retail investors, crypto exchanges to crypto projects.
Centralized stablecoins, specifically USDT have captured nearly all the stablecoin to crypto trading volume due to its first-mover advantage. USDT makes up over 57% of stablecoin circulating supply and 85-90% of stablecoin trading volume on any given day.
The crypto market’s reliance on a single centralized stablecoin that many, including Vitalik Buterin and Jim Cramer, refer to as a ticking timebomb, is simply unacceptable. If you aren’t yet familiar with the history of Tether, I encourage you to watch CoffeeZilla’s video “Exposing Tether” which does a thorough job in covering the controversy surrounding Tether.
The fact is Tether’s lack of transparency, combined with the monopoly it has over crypto’s trading volume, poses a significant systematic risk to the crypto ecosystem. It’s not only sensible but imperative that we as a community transition away from the sole reliance on USDT.
Why UST (Terra)?
UST (Terra) is the largest decentralized algorithmic stablecoin. It’s transparent, highly scalable, and has proven to be effective in holding its peg even during times of extreme market conditions, making it an ideal alternative to centralized fiat collateralized stablecoins.
Moreover, decentralized stablecoin like UST is permissionless and immutable. Only through broader adoption of decentralized stablecoins can there be true decentralized finance (DeFi) applications.
Our Goal
Our mission is to prove to exchanges that there is market demand and an appetite for decentralized stablecoin trading pairs. And thereby request that the following crypto exchanges: Binance, Huobi Global, FTX, Kraken, Bitfinex, Gate.io, Bittrex, & WooX enable UST trading pairs on their platform.
In addition to giving market participants more choices, diversifying the crypto’s dependence on centralized stablecoins will make it more resilient and mitigate what arguably is the biggest risk to crypto today.
Support our campaign by signing the petition and more importantly share it with other social media platforms. It's the only way we can raise awareness and get more eyeballs on the issue.
Follow to get ongoing updates on the campaign.
Twitter - https://twitter.com/Coindicator
UST Medium Post - https://cryptocents.medium.com/
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Petition created on August 21, 2021