Binance has declared a new stablecoin war

Binance has declared a new stablecoin war

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by dapp_writer005

4 years ago

FTX CEOs say Binance has declared a new stablecoin war

FTX CEO Sam Banckman-Fried said Binance's conversion of USDC users to BUSD was the beginning of the "2nd Biggest Stablecoin War".

This comment was a counter-response to a twit, saying that the total value of BUSD in circulation has skyrocketed to over $20 billion in October. In addition, FTX CEOs noted the incident that occurred in 2018 when stablecoins sought to dominate and when USDC and USDT supplanted TUSD, GUSD and USDP.

Banckman-Fried stated that the differences of two stablecoin wars - convenient and good interest rates, where stablecoins give more profi.

Curious to see what happens in the non-fiat stablecoin space after Luna and DAI-holding-USDC.noted Sam Banckman-Fried

BUSD is the 3rd largest stablecoin after $USDT and $USDC with a total market value of over $21 billion of stablecoins in circulation. The number of Binance stablecoins is estimated to represent an all-time high share of 15.48% of the total stablecoin market.

Earlier, in early September, Binance declared that they were mechanically converting the stablecoins of $USDC, $USDP and $TUSD users into the native stablecoin Binance BUSD. The application became valid and began to work on September 29, 2022.

It has been argued that these actions are aimed at increasing the liquidity and productivity of the use of clients' capital.

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