Binance said it will auto-convert several stablecoins to BUSD to improve liquidity and capital efficiency on the exchange – in a way that might benefit Circle. Opinion by danielgkuhn for 'The Node' newsletter.
have a point, it’s hard to argue that BUSD isn’t already popular. It’s a viable alternative to the other U.S. dollar stablecoins. I’m going to quickly try to see it from Binance’s point of view. Undoubtedly, liquidity conditions will improve on the exchange.
As part of the move, Binance will also close access to its USDC-denominated saving accounts, decentralized finance staking services and loans. Counter-intuitively, Circle CEO Jeremy Allaire“Prediction: This move leads to a gradual net share shift from USDT to BUSD and USDC,” Allaire tweeted, linking toGaevoy’s, and perhaps Binance’s, argument is that this cuts out steps for USDC users who want to trade on Binance.
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