Binance, Issuer of Third-Biggest Stablecoin, to Stop Supporting Larger Rival USDC

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.Binance effectively banished USD Coin (USDC), the second-biggest stablecoin, from trading at its cryptocurrency exchange in favor of its own competing product. by jamiecrawleycd

) into BUSD on Sept. 29, and customers transferring those tokens to the exchange will see them automatically converted into Binance's stablecoin after that date. However, they will be able to withdraw money denominated in USDC, USDP or TUSD when removing money from Binance.

The decision effectively banishes the second-largest stablecoin, USDC, from one of the most prominent perches in crypto, erecting an obstacle to overtaking Tether as the . USDT's $68 billion market value leads USDC's $52 billion, while BUSD is in third place at $19 billion. USDP and TUSD are far smaller.

 

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binance JamieCrawleyCD Just LOL to this. circlepay takes a shit on binance all day.

binance JamieCrawleyCD This is not very well thought out Crypto is Crypto Best wishes

binance JamieCrawleyCD Perhaps NewYork_SEC BaFin_Bund ecb should finally do their job and investigate on this issue. This is definetively market manipulation and it is not the first time that binance is misusing its market power.

binance JamieCrawleyCD What's the real story here? Why did they stop USDC?

binance JamieCrawleyCD Interesting news 🫣

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binance JamieCrawleyCD it's not a surprise for with all these legal problems that usdc has

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binance JamieCrawleyCD Now many people understand that the USDC is an unreliable option. This stable coin does not have full collateral.

binance JamieCrawleyCD Given USDC's dubious reserves, I'm not surprised that exchanges are starting to abandon this token.

binance JamieCrawleyCD Well no one really uses USDC anyway. No one believes it has its own reserves because it can't even produce an audit. Would rather trust USDT or BUSD.

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