Rumours say Binance will allow altcoin purchases in US dollars

A couple of news sites are reporting that the world’s biggest-by-volume crypto trading site will soon pair altcoins to dollars for traders, but nothing appears to have been formally announced. 

Several sites yesterday began reporting that Binance would soon allow trading in a range of altcoins in US dollars – rather than the market’s current demand that speculators and hodlrs alike first buy Bitcoin or Ethereum before converting that to their crypto du jour. However, nothing official has been announced by the site itself – certainly not as a press release or an announcement on Twitter – beyond that the site has tethered Cardano to USDT as a trading pair.

USDT, however, is not the dollar, but rather a cryptocurrency in its own right ‘Tethered’ (hence the ‘T’) to the value of the US dollar. According to Cryptocompare, “USDT and other Tether currencies were created to facilitate the transfer of national currencies, to provide users with a stable alternative to Bitcoin and to provide an alternative for exchange and wallet audits which are currently unreliable. USDT provides an alternative to Proof of Solvency methods by introducing a Proof of Reserves Process”.

They also, however, have the side-benefit of making altcoin purchases easier to parse for those used to fiat/crypto trades.

It appears, however, this news has been conflated by some sources as being confirmation of rumours that began at the back-end of March saying Binance would soon circumvent the existing extra step required to buy altcoins and allow trades directly from fiat currency.

Source: #Binance will open USD trading in very near future

— ·.·★ ᴄᴏɪɴ ᴘᴀɴᴅᴀ ★·.· (@8bitandstuff) March 26, 2018

These rumours were widely reported at the time, but as far as we can see at the moment, have still not been confirmed as reality. We will, of course, update if we are proved to be wrong.

$XVG #XVG from Justin Binance hasn’t made any announcement re USD but are working on it and he’s in contact with CZ so hopefully we should hear soon enough. Wait for the announcement ignore the article pic.twitter.com/POVUGV9vwh

— TOP DOG (@topdogshares) April 19, 2018