Float SV is continuing to show that they are committed to providing their customers a valuable service and cutting the fat. The exchange made an announcement on May 21 that they would be discontinuing Bitcoin Core (BTC) trading with Tether (USDT), USD Coin (USDC) and True USD (TUSD).
In their blog post explaining the decision, the Float SV team explained that the pairs have been removed in an effort to promote a robust trading environment. The three pairs have been seeing weak trading volumes and not making much of an impact on the exchange. They will no longer be offered after May 24 at 9:00 a.m. UTC.
For the moment none of the four assets are going away completely. Users holding BTC, USDT, USDC or TUSD will continue to have deposit and withdrawal options available to them, and their existing pairs with other cryptocurrencies, like Bitcoin SV (BSV), will still be offered, as confirmed by a follow up tweet.
This continues Float SV’s commitment to offering a “real asset exchange experience.” The BSV-based exchange is committed to offering tokens based on Proof of Work (PoW) SHA-256, real assets and currencies, shedding native tokens, securities and security token offerings (STOs).
While volumes may remain high enough for other pairs, like BSV/USDT, it would be unsurprising to see the exchange eventually reconsider its position on offering USDT at all. As the fallout of the Bitfinex/Tether scandal continues to unfold, if it appears that Tether is not completely backed by the USDT, it would be hard to argue that it really remains a currency-backed stable coin.
If that decision is made, it wouldn’t be made lightly. Jack Liu, founder of the exchange, has made his thoughts on delisting pretty clear, and he firmly believes that exchanges need to be responsible in deciding which assets they chose to list, and which they chose to drop.
Users of the exchange still have a few days to use these trading pairs if they want to get any last minute trading in, and as the exchange has noted, their funds will be safe to trade with other pairs and withdraw if they wish. That’s the best outcome, and most professional way an exchange can go about its business.
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