Binance remove USDCtwitter.com/WatcherGuru/status/1566847870841520129?t=N4l-S0AczsStxZe22qH4Pw&s=19
51 sats \ 3 comments \ @lpop4254 5 Sep 2022 bitcoin
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21 sats \ 1 reply \ @cryptocoin 5 Sep 2022
The title for this SN post is misleading.
Users will still be able to deposit funds to Binance using USDC. What is changing is that a USDC deposit automatically gets converted into BUSD.
Binance to Auto-Convert USDC, USDP, TUSD to BUSD (Binance USD) https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f
So you can deposit USDC and withdraw to USDC, but USD funds on Binance are going to be BUSD only.
This certainly could add risk, ... I might trust USDC more than I do BUSD, for instance.
That being said, I don't trust either stablecoin.
And I don't trust Binance:
This certainly must be simply a coincidence ....
U.S. sought records on Binance CEO for crypto money laundering probe #66659 https://www.cnbc.com/2022/09/01/us-sought-records-on-binance-ceo-for-crypto-money-laundering-probe.html
(And, neither do I trust ... nor like, Coinbase -- for that matter).
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0 sats \ 0 replies \ @cryptocoin 6 Sep 2022
An article from CoinDesk on this development:
The same will happen with two smaller stablecoins: Pax Dollar (USDP) and TrueUSD (TUSD).
The action effectively removes USDC, which has a market cap of nearly $52 billion, as a tradable asset on one of the most prominent perches in crypto – removing momentum in the race to overtake Tether (USDT) as the largest stablecoin. It's a headache for Circle Internet Financial, USDC's issuer, as the company mulls an IPO.
With a market cap of $19.5 billion, BUSD is the third largest stablecoin. TUSD and USDP rank fifth and sixth with market caps of $1 billion and $945 million, respectively.
The stablecoin market is dominated by USDT's 44% market share.
Binance, Issuer of 3rd Biggest Stablecoin, to Stop Supporting Larger Rival USDC https://www.coindesk.com/business/2022/09/05/binance-to-convert-users-usdc-usdp-tusd-into-its-own-stablecoin-busd [Archive]
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0 sats \ 0 replies \ @faithandcredit 5 Sep 2022
For the sake of simplicity I like it. Eventually maybe it will only be bitcoin left :) just kidding
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