Binance to Correct Wrong AEUR Stablecoin
Binance will compensate traders who mistakenly bought into the unusual price rally of the AEUR stablecoin, designed to mirror the euro’s value. The newly launched AEUR stablecoin saw a 200% increase in price shortly after being listed on the spot market on Tuesday. The AEUR-USDT trading pair peaked at $3.25, significantly higher than its expected value of around $1.07. This deviation from the stablecoin’s intended value was attributed to a misunderstanding by some Binance traders, who seemed unaware of AEUR’s nature as a stablecoin.
The AEUR stablecoin had limited liquidity due to its supply of five million on the platform. Binance offered a zero-fee promotion to users for trading the stablecoin soon after its launch. After observing the abnormal price, Binance suspended spot trading for a range of AEUR trading pairs, affecting AEUR/USDT, BTC/AEUR, ETH/AEUR, and EUR/AEUR pairs.
(With inputs from Shikha Singh)
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