Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact


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.

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.

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