Binance, the world’s largest cryptocurrency exchange by trading volume, announced today that it will be adding a Tether (USDT) trading pair for the popular cryptocurrency Ripple (XRP).

USDT is a cryptocurrency asset issued on the Bitcoin blockchain via the Omni Layer Protocol. Each USDT unit is supposedly backed by a U.S Dollar that the parent company, Tether Limited, holds in its reserves. Tether can be redeemed to fiat through the Tether Platform.

Here is the announcement in full:

Fellow Binancians, XRP/USDT trading pair is now available on Binance. Details: About Ripple (XRP) Fees Rules Risk warning: cryptocurrency investment is subject to high market risk. Please make your investments cautiously. Binance will make best efforts to choose high quality coins, but will not be responsible for your investment losses. Learn more about Ripple (XRP)! Thanks for your support! Binance Team

In response to the additional trading pair, XRP’s price spiked nearly 7% from $0.86 to a daily high of $0.92. It has since retraced a portion of its gains and has settled around $0.89 at the time of this writing.

This news comes shortly after other major announcements by Binance, where the exchange unveiled a 15,000 NANO giveaway and that Loom Network (LOOM) has been officially listed for trading. Both projects saw their coin prices spike significantly in response.