A growing number of cryptocurrency exchanges in India are adding stablecoins such as trueusd (TUSD) and tether (USDT) to their platforms. They are part of the solutions exchanges have come up with in order to minimize the impact of the crypto banking ban imposed by the country’s central bank.
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Unocoin Adds TUSD
Unocoin, one of India’s largest crypto exchanges, announced on Wednesday the addition of TUSD to its crypto-to-crypto platform, Unodax. An ERC-20 token built on the Trusttoken platform, each TUSD is said to be backed by one USD held in reserve which can be redeemed. Unodax currently offers 23 TUSD trading pairs including BTC, BCH, ETH, LTC, and XRP.
“The decision [to add TUSD] has been taken to minimise the RBI circular’s impact on cryptocurrency investors and traders,” Inc42 reported. The Reserve Bank of India (RBI), the country’s central bank, issued the circular banning banks from providing services to crypto companies on April 6.
The publication quoted the exchange’s CEO and co-founder, Sathvik Vishwanath, commenting on the 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 hodl, without any disruptions and hassles.
“With trueusd, we are excited to present our users with a long-awaited stable trading plan for crypto-assets traders on our Unodax exchange,” he continued. “Crypto enthusiasts may use this stable coin as a medium of exchange for other crypto-assets and minimise their risks in a volatile market.”
Zebpay Slashes Withdrawal Fee for TUSD
Another major crypto exchange in India, Zebpay, added TUSD to its platform earlier this week, as news.Bitcoin.com previously reported.
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