Bitstamp crypto exchange announced on November 29 that it will list Solana (SOL) and PEPE in the U.S. The announcement revealed that PEPE and SOL will receive trading pairs to currencies such as the U.S. dollar and Euro. The exchange’s website highlighted that traders can now access SOL/USD, SOL/EUR, PEPE/USD, and PEPE/EUR spot trading pairs.
The exchange will debut PEPE, the third largest memecoin by market cap, which significantly surged in price after the listing announcement. The listing comes amid a prior “permanent” suspension trading ban of Solana on Bitstamp. Bitstamp believes relisting SOL demonstrates its dedication to bringing diverse options to U.S. customers.
PEPE debuts on Bitstamp in the U.S
🇺🇸 US fans of Pepe and Solana, it’s your time! 🐸 ⚡$PEPE and $SOL are now both available on Bitstamp USA!
Happy trading! Start now: https://t.co/sPXIuEAQ2H@pepecoineth @solana pic.twitter.com/nsbIQ2NoXe
— Bitstamp (@Bitstamp) November 29, 2024
Bitstamp supports several projects across decentralized finance, non-fungible token marketplace, and memecoins. The company shared that it is listing the third-largest memecoin by market cap. The PEPE memecoin has surged in price in the past few months amid a broader market uptick.
The announcement was shared on the company’s official X account. The listing news comes at a time when the U.S expects a myriad of changes to the it’s regulatory approach to cryptocurrencies, following Donald Trump’s presidential election win.
The price of PEPE jumped to $0.000021 amid the news, and was up by 6% in the past 24 hours at the time of writing. The memecoin has now entrenched itself as the third-largest memecoin by market cap. SOL also bounced to highs of $247 after the news.
Bitstamp reverses previous SOL trading suspension
In August 2023, Bitstamp announced that it would no longer recognize SOL and six other cryptocurrencies. The decision followed allegations that Solana and six other digital assets were unregistered securities by the U.S. Securities and Exchange Commission (SEC). As a result, the tokens were suspended from trading on the Bitstamp exchange.
Even though only two crypto-based exchange-traded funds (ETFs) were approved under the previous administration, the market is expecting a bigger shift following Trump’s win. ETF issuers are making applications for Solana, XRP, and HBAR ETFs, among others.
A potential candidate for the next SEC chair, Teresa Guillén, also advocates to “make crypto great again.” Gary Gensler’s stepping down as SEC chairman has hinted towards a new approach to crypto regulation that could be more friendly. As a result, crypto exchange platforms like Bitstamp are embracing the new environment with their new listings in anticipation of a more relaxed regulatory environment.
Multiple crypto platforms have begun adapting to the prospects of an improved regulatory environment. For example, MetaMask now allows US users to buy crypto directly using Venmo as an additional payment method.
Bitstamp’s CEO, Bobby Zagotta, explained his renewed confidence in the stablecoin market in an interview on November 5. Zagotta revealed that the stablecoin market has the potential to grow from $175 billion to $5 trillion. The CEO backed his confidence by acknowledging that stablecoins have already played a crucial role in the development of the crypto ecosystem. Zagotta maintained that stablecoins have reduced frictions in terms of transfer value, collateral, and lending.
Zagotta also revealed he is confident the stablecoin market will grow as other fiat currencies continue gaining traction in crypto. The crypto mogul compared the potential growth of the stablecoin market to the growth of the foreign exchange market.
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