Binance He recently made an important announcement regarding stablecoins and announced that stablecoins such as TUSD, USDC and USDP will be automatically converted to BUSD on September 29, 2022.
Following this decision of Binance, a comment came from Bank Of America. In the research report published today, it was emphasized that the conversion of stablecoins to BUSD will provide additional income for Binance in the short term and may have greater effects in the long term.
According to the research report, this move will increase the supply of Binance USD by $908 million in the first stage. Of this $908 million, $898 million will come from USDC and $10 million will come from USDP.
In the research note Binance USD It was stated that 86% of the supply, or $17 billion, is in the hands of Binance and there is no active use case.
Although BUSD cannot show the benefit from it for now, Bank Of America stated that they see the potential for a greater increase in the supply of BUSD in the long run.
In the report, it was emphasized that Binance will also benefit from the positive developments in BUSD.
A significant increase in stablecoin offerings is expected as the Web3 ecosystem transitions. Binance will want to prioritize BUSD even more to get its share of this increase.
Positive developments in BUSD in the long run BNBIt will also affect the price positively.
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