Amid growing concerns around the potential new BFUSD product, Binance clarified its difference from a stablecoin. Meanwhile, Quantoz introduced new stablecoins EURQ and USDQ, and Tron continues its development in the stablecoin sector.
Binance Clarifies BFUSD Status
Binance addressed concerns about its upcoming high-yield BFUSD token, emphasizing that it is not a stablecoin and has not been officially launched. This clarification came after reports suggested Binance was planning to release a stablecoin with a 19.55% annual yield. The company confirmed BFUSD as a reward-bearing product for margin trading, which does not require staking. Despite this, some in the crypto community remain skeptical due to past issues with USTC.
Quantoz Launches New Stablecoins
Backed by Tether, Kraken, and Fabric Ventures, Quantoz launched the stablecoins EURQ and USDQ, compliant with the EU's MiCA regulations. These tokens aim to facilitate digital payments across Europe, backed by fiat reserves with an additional 2% reserve for transparency.
Tron Competes with Ethereum in Stablecoin Market
Tether recently minted $1 billion USDT on the Tron network fee-free. Tron continues to rise as a significant player in stablecoins, closely matching Ethereum with $62.7 billion USDT compared to Ethereum's $62.9 billion. In August 2024, Tron's market share in stablecoins was 37.9%.
Despite Binance's clarifications and Quantoz's new releases, the stablecoin market continues to evolve. Tron's growth in stablecoins indicates a shift in market dynamics. However, concerns about the sustainability of high-yield products remain.
