On September 13, Binance Coin reached a new record, briefly surpassing the market capitalization of UBS, marking the rising influence of cryptocurrencies on the traditional financial system.
New All-Time High: BNB and UBS
The cryptocurrency Binance Coin (BNB) reached a new all-time high of $940, representing a significant milestone for the market. BNB’s market capitalization temporarily peaked at $130.9 billion, surpassing that of the Swiss bank UBS, valued at $129 billion. This achievement was made possible through collaboration with Franklin Templeton.
CZ’s Call: What Does It Mean?
Changpeng Zhao (CZ), co-founder of Binance, drew attention when he urged banks to adopt BNB. Despite distancing himself from the operational management of Binance, his statements continue to influence the market. As an advisor to the governments of Pakistan and Kazakhstan on crypto issues, CZ emphasizes the importance of institutional adoption of BNB.
Impact on Traditional Financial Systems
The surpassing of BNB over the historical banking value of UBS underscores structural changes in the market that go beyond speculation. This event symbolizes the growing integration of cryptocurrencies within financial systems, where assets are beginning to find new standing alongside traditional financial institutions.
The achievement of Binance Coin (BNB) reaching new heights and temporarily surpassing UBS’s market capitalization highlights the increasing influence of cryptocurrencies on the traditional financial framework, while CZ's call for BNB adoption by banks could pave the way for new avenues in cryptocurrency utilization.
