SBF: Binance Converts USDC to BUSD to Kick Off Second Massive Stablecoin Competition

Oct 24,2022
KingData News: FTX founder SBF said that Binance's conversion of USDC to BUSD triggered a continued increase in supply, heralding the start of a second major stablecoin competition (the first one, fought in 2018, ended with USDC and USDT edging out TUSD/GUSD/USDP). The difference between the second stablecoin competition is that: 1. positive interest rates in the currency market will generate more revenue for stablecoins; 2. stablecoin issuers have learned the hard way: never stop customers from redeeming, or the stablecoin will no longer be stable. At this point, FTX is probably the largest unaligned players in the stablecoin ecosystem. As previously reported, Binance released an announcement that it will automatically convert users' existing USDC, USDP, TUSD stablecoin balances and new top-ups to BUSD at a 1:1 ratio.
There are excellent KOLs in every subdivision of Web3, and this indicator focuses on the analysis viewpoints of these KOLs. (Opinions are all from KOL, no investment advice)
168,601Follow
429,811

Recommend

More