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What does trading pairs mean in cryptocurrency trading?A fiat-based pair works the same as a cryptocurrency-based pair, except one of the assets being exchanged is a fiat currency (AKA dollars or cash). The most used and liquid trading pairs usually involve fiat-backed stablecoins such as tether (USDT), USD coin (USDC) and Binance USD (BUSD). A cryptocurrency pair is essentially a comparison of the prices of two crypto tokens. The most popular cryptocurrency pair is ETH/BTC.