Binance USD (BUSD) To Spark The Second Great Stablecoin War With USDT — FTX CEO

Binance USD (BUSD) To Spark The Second Great Stablecoin War With USDT — FTX CEO
фото показано с : zycrypto.com

2022-10-26 23:11

After statistics show the coin’s increasing market capitalisation, Sam Bankman-Fried has tipped BUSD to ignite a new stablecoin war with USDT. BUSD has taken a considerable share of the market from USDT after its value increased by 15% in two years. Binance decided to auto-convert TUSD, USDC, and USDP into BUSD, sparking a massive rally for the stablecoin. 

Stablecoins, which are often referred to as the backbone of the industry, may soon experience a “second great stablecoin war” fought by market leader USD Tether (USDT) and fast-rising Binance USD (BUSD).

Sam Bankman-Fried, the CEO of the top centralized cryptocurrency exchange FTX says that the rise of Binance’s stablecoin, BUSD, in the past months indicates a new competition for the market share of rivals in the sector that may ignite a new war.

He noted that the first stablecoin war was fought in 2018 with the five big guns, USD Coin (USDC), USDT, True USD (TUSD), Gemini dollar (GUSD), and USDP stablecoin with USDT and USDC dominating the pack.

Last month, Binance decided to auto-convert TUSD, USDC, and USDP to BUSD, which has caused an upward movement in the market share of BUSD. The stablecoin’s market share has risen over 5% since the announcement, from 10.08% to 15.48%.

Furthermore, the market capitalization of BUSD has risen in the last 30 days by 3.3% to $21.7 billion. It is now only behind market leaders USDT and USDC, with a market cap of $68.4 billion and $43.9 billion, respectively.

Though BUSD still trails, it has grown 30 times more than the two market leaders in two years, from 0.5% to 15.48% of the market share. USDC tripled its share from 10% to 32%. Tether, on the other hand, has seen a significant drop from 88% to 48%.

Binance’s policy is the motive for the war

Leading digital asset exchange, Binance announced a stop on a list of trading pairs for TUSD, USDP, and USDC from Sept 29, with users’ assets automatically converted to BUSD. Binance justified the move by explaining that it was done to give users more liquidity. 

Bank-Friedman explained that converting USDC and other stablecoins to BUSD “creates a change in supply thus beginning the second stablecoin war.” Binance is the largest centralized cryptocurrency exchange with a daily trade volume of over $10 billion, and this gives its stablecoin BUSD an edge with the auto-conversion move. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

CK USD (CKUSD) на Currencies.ru

$ 0.2153 (+0.52%)
Объем 24H $0
Изменеия 24h: 0.67 %, 7d: -2.33 %
Cегодня L: $0.2128 - H: $0.2153
Капитализация $0 Rank 3492
Доступно / Всего 0 CKUSD

usd war binance stablecoin usdt great busd

Источник: zycrypto.com

usd war → Результатов: 23


Crypto Community Rise Against War in Ukraine

The crypto community has emerged as a major source of fundraising for the Ukrainian army and an NFT drop, made on Saturday, has raised over $3million USD.  Who would have thought NFTs, unique digital art collectibles, would so swiftly transcend the realms of art into worldwide consciousness? They have taken on a whole new significance in recent […] The post Crypto Community Rise Against War in Ukraine appeared first on NFT News Today.

2022-3-1 06:58


Фото:

Bitcoin (BTC) Price Bloodbath Continues as ‘Unsustainable’ BCH War Rages

Bitcoin price slides another 5% today as the civil war raging within Bitcoin Cash continues to impact cryptocurrency markets and altcoins taking hits topping 10 percent November 19. Bitcoin Price Slides as Uncertainty Spreads Data from Coinmarketcap showed a gloomy picture for altcoin investors at press time, the top twenty assets by market cap all in the red, pushing the entire cryptocurrency market cap down to under $175 billion USD, a yearly low.

2018-11-19 13:00


Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Secret Bitcoin Driver: Exchanges Receiving $40 Million USDT Fuel Per Day

On-chain data shows a massive amount of the stablecoin USDT has been moving to exchanges recently, potentially acting as fuel for the Bitcoin and wider cryptocurrency rally. USDT Exchange Inflows Have Remained High Recently In a new post on X, the on-chain analytics firm Santiment discussed the trend in the Exchange Flow Balance for Tether’s USDT.

Massive USDT Inflows Fuel Bitcoin Rally And Market Activity

The crypto market is seeing a massive injection of liquidity, with 972.6 million USDT flowing from Tether’s Treasury to exchanges in the past 24 hours. This significant movement of funds appears to be a driving factor behind Bitcoin’s ongoing rally and broader market dynamics. A massive amount of money is […]

Tether, берегись: Binance и Circle заявили о партнерстве

Что получится, если объединить крупнейшую криптобиржу мира и одного из самых прозрачных эмитентов стейблкоинов? Правильно, стратегическое партнерство Binance и Circle, цель которого — вывести USDC на рекордно новый уровень.

RLUSD от Ripple получил “зеленый свет” от регулятора

Ripple официально получили одобрение Нью-Йоркского департамента финансовых услуг (NYDFS) на выпуск собственного стейблкоина RLUSD. В отличие от своих конкурентов USDT и USDC, RLUSD будет делать акцент на институциональном секторе.