2022-10-28 10:25:53
#USDC #USDT #BUSD #stablecoins
Great Stablecoins War II
SBF: Binance converts USDC --> BUSD, and we see the change in supplies. Thus begins the Second Great Stablecoin War (The first one, fought in ~2018, ended with USDC and USDT edging out TUSD/GUSD/USDP).
In our opinion, Binance is tired of being an "undesirable person" in the U.S., being criticized by regulators [SEC], tarnished reputation [Reuters] and restrictions on operations in the U.S. market [FTX, Forbes, etc.]. Decided to switch to the tactics of active competition, including using its dominant position:
• Converting USDC to BUSD and stopping trading pairs with USDC;
• Launching BTC and ETH 0-fee trading.
At the same time,
CIrcle [USDC] is pursuing a policy of full submission to regulators [TORN].
Coinbase is accused of insider trading [ ], but stands up for Tornado Cash [ ]
FTX, Alameda, etc. [DCG?] are seen manipulating the market and then "bailing out" (CEL, VGX) [LUNA?]
Result:
• BUSD capitalization up to nearly $22B [+25%/$5B since July].
• Binance accounted for more than 55% of the spot and derivatives crypto market over the last 24 hours.
• USDC capitalization down to $44B [-21%/$12B since July].
• USDT capitalization up to $68.5B [+5%/$3.5B since July].
295 views07:25
C
