followA new Twitter post for Jeremy Allaire, co-founder and CEO of Circle, the stablecoin issuer USD Coin ( USDC ) said Binance’s latest decision was “a good thing” for USDC. “This move will lead to a gradual change in share from USDT to BUSD and USDC,” Allaire said.
The other day, Binance announced that it would stop supporting USDC trading and convert deposits containing other stablecoins pegged to the US dollar after Sept. 29 into Binance USD by some users.point outthat it is now still possible to deposit and withdraw USDC smoothly on Binance, before the change It is necessary to convert USDC to BUSD or USDT first and then use it to trade leveraged products. Therefore, the overall liquidity of USDC will increase.
However, other users pointed out that this automatic conversion could result in more USDC exchanges to generate more BUSD, which according to Nansen, USDC held by Binance dropped to less than 1 billion. from 2.5 billion in July Meanwhile, the exchange still holds about 5 billion USDT.
Data from Dune Analytics shows that USDC is the second most popular stablecoin in the world, accounting for 33.5% of transactions in this category. USDT ) remains the most widely used stablecoin. It has a 50.3% market share. Meanwhile, Binance USD is third with 15.1%.
The post Circle co-founder thinks ending support for USDC on Binance is “a good thing” for USDC appeared first on Bitcoin Addict.