FTX CEO Sam Bankman-Fried stated that the second stablecoin war has begun and this war is between Binance USD (BUSD), Tether (USDT) and USD Coin (USDC).
FTX CEO Bankman-Fried twitter In a statement on his website, Binance’s stablecoin Binance USD (BUSD) and its market cap could trigger the “Second Great Stablecoin War,” given how quickly its market value has risen in recent months. Crypto data provider Coin Metrics BUSD’s share of the total stablecoin market is on Sept. 10% on October 22 rose up to 15.48%.
However, the total market cap of BUSD in the last 30 days 3.3% soaring $21.7 billion reached. Tether USD (USDT) and USD Coins (USDC) respectively 68.4 and $43.9 billion with market values It is ahead of BUSD. The established stablecoin USDT is still your leadership to protect continues.
CEO Bankman-Fried made the following statements on Twitter:
Binance is converting USDC to BUSD and we are witnessing the change in supply. Thus begins the Second Great Stablecoin War. In 2018, the first war ended when USDC and USDT surpassed TUSD/GUSD/USDP.
The difference between the first war we passed and now is for stablecoins. higher positive interest rates and higher yields The CEO emphasized that the usage areas of stablecoins should never be restricted. Otherwise LUNA that events similar to the crisis may recur and that assets that the dollar rate may lose its stability told.
In the second stablecoin war in question, the world’s largest exchange Binance seems to have a strong hand for now. Binance September 29He stated that any user holding three stablecoins until 01 will have their assets automatically converted to BUSD at a 1:1 ratio. Binance suggested that this move was made to increase liquidity and capital efficiency for users. It was stated that the exchange had a plan to do the same thing in USDT at that time, but this plan could “change”.