Binance Ditched a Bunch of Stablecoins. Even a Newly Banished Issuer Was OK With It

While it seems counterintuitive, Jeremy Allaire, chief executive officer of Circle, the firm that issues USD coin,As crypto traders don’t really use BUSD outside of Binance itself, “this will likely benefit USDC usage as the preferred cross CEX [centralized exchange] and DEX [decentralized exchange] stablecoin rail,” Allaire added. “With consolidated dollar books, it will now be easier and more attractive to move USDC to and from Binance for trading core markets.

The co-founder of Wintermute, a major crypto trading firm, agreed that USDC will benefit. “This is positive for USDC ,” Evgeny Gaevoy Paxos Trust Co., which issues both USDP and Binance’s newly favored BUSD, claimed there were security improvements for users. Crypto trading with USDC, TUSD and USDP “have relatively little volume” compared with both USDT or BUSD on Binance, Clara Medalie, research director at crypto market research firm Kaiko, pointed out in aLow trading volumes mean that trading with these stablecoins carries significantly higher spreads, essentially incurring hidden costs for users.

sndr_krisztian USDT will be next, after BUSD gains dominant or sufficient part of the trade on Binance. That might be the beginning of the fall of Tether fiat-on-crypto central banking shady presence in crypto markets, on which Bitcoin maxism has largely been relying.

sndr_krisztian

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Binance to end support for USDC, two other stablecoins in favor of its own BUSDBinance is moving to prioritize its own stablecoin, BUSD, over several others on its cryptocurrency exchange. Hmm… while I don’t like Usdc I do like choice… This is the stupidist thing binance has ever done! Stablecoins do NOT equal exactly $1 compared to each other, so trying to monopolise the market like this is a total waste of time! So much for decentralisation! bnb BUSD I can see this going bad
Source: TheBlock__ - 🏆 464. / 53 Read more »

Binance: No plans to auto-convert Tether, though that ‘may change’After announcing it would be ceasing trading support for USDC and two other stablecoins, crypto exchange Binance confirmed there are no plans to do the same for Tether USDT at the moment. Everyone wants BTC it’s all time highs but then ignores it when it’s cheap. BTC is going to make a strong come back Most of the crypto crash are temporary Bravo Carlostrader0 is a super underrated bitcoiner her tweet & tips have been helpful, I've been doing superb Follow him Hmm 🤔 Binance will make $BUSD great again by delist all stablecoins on their exchange, even for $USDT
Source: Cointelegraph - 🏆 562. / 51 Read more »