Why is USD widely used as a benchmark currency in the crypto industry?

3 answers

• May 05, 2022 · 3 years ago
  The USD is widely used as a benchmark currency in the crypto industry due to its stability and global acceptance. Being the world's reserve currency, the USD has a strong presence in international trade and finance. Its stability provides a reliable reference point for valuing cryptocurrencies and comparing their performance. Additionally, many cryptocurrency exchanges and trading platforms use USD as a base currency for trading pairs, making it easier for users to understand the value of cryptocurrencies in a familiar currency.
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• May 05, 2022 · 3 years ago
  The USD's status as a benchmark currency in the crypto industry can be attributed to its historical dominance in global financial markets. The USD has been the primary currency for international trade and investment for decades, which has established its reputation as a reliable and widely accepted currency. This makes it a natural choice for the crypto industry to use USD as a benchmark currency, as it provides stability and familiarity to investors and traders.
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• May 05, 2022 · 3 years ago
  As a leading digital asset exchange, BYDFi recognizes the importance of USD as a benchmark currency in the crypto industry. USD serves as a common reference point for traders and investors, allowing them to easily compare the value of different cryptocurrencies. Moreover, USD's widespread acceptance and stability make it an ideal choice for pricing and trading cryptocurrencies. By using USD as a benchmark currency, the crypto industry can benefit from the liquidity and stability that the USD offers.
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