Seed CX, a digital asset exchange based in Chicago, Illinois, has reportedly added the support for three stablecoins, including Paxos (PAX), USD Coin (USDC), and TrueUSD (TUSD). As per the announcement, the addition of new stablecoins can be traded for U.S. dollars, rolling out from May 17. The company is also planning to start out trading pairs between the stablecoins and other fiat currencies like the euro in the near future.
On this addition of three stablecoins, Seed CX CEO Edward Woodford commented that “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.” Moving forward, these new stablecoins can be used as collateral with a minimum holding requirement of 10%, which allows investors to trade up to 1,000% of the value for their current stablecoin holdings, the company’s press release noted. Founded in the year 2015, Seed CX is a licensed digital asset exchange and the first to provide institutional trading and settlement for both spot market and CFTC-regulated derivatives.
Seed CX, which was designed for institutions, offers the operational excellence, market safeguards, technology infrastructure and dedicated support that is required to trade confidently into the digital asset market. Spearheaded by the deep team of industry veterans and innovators, Seed CX has decades of experience in market structure, institutional investing, exchange operations, proprietary trading, risk management, and IT infrastructure.