• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Binance USD Supply Increases Amid Heated Stablecoin Wars

Binance USD Supply Increases Amid Heated Stablecoin Wars

Denis by Denis
3 months ago
in Binance Coin
Reading Time: 2 mins read
Advertisement

The aim behind stablecoins development was to provide stability over the highly volatile nature of crypto assets. This means that stablecoins hedge your funds against the impact of macroeconomic factors like inflation. Currently, stablecoins represent about 15% of the total crypto market cap of over $933 billion.

Several prominent firms have created their stablecoins. Usually, the coins are pegged on a ratio of 1:1 to major global fiat currencies like USD, EUR, or GBP.

Related Reading: Tron Hits Record 117 Million Users, But TRX Price Increase Is Mediocre

The Binance USD (BUSD) is a notable stablecoin from the leading crypto exchange, Binance. It is the world’s third-largest stablecoin by market cap after Tether (USDT) and USD Coin (USDC).

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

Binance Committed To Pump Supply Of BUSD

In a recent development, Binance has devised a means to increase the supply of its stablecoin, BUSD. The firm engaged in the sales of its USDC reserves and converted them into BUSD. As a result, Frank Chaparro from the Block noted the spike in the supply of BUSD. From his observation, the stablecoin’s supply, for the first time, crossed $20 billion.

CoinGecko indicated that the supply had hit an all-time high of $21.7 billion. This figure represents about 15% of the cumulative stablecoin market cap of $147 billion. Also, Chaparro reported that BUSD has 22% as its denominated percentage of trades for this October.

Binance announcement in September shows that the firm is committed to boosting BUSD supply. It disclosed the conversion plan for the existing balances and new deposits of TUSD, USDC, and USDP into BUSD.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Stablecoins Enter Another War Round

Following Binance’s conversion of USDC to BUSD, the CEO of FTX, Sam Bankman-Fried (SBF), has reacted with comments about stablecoins. According to the crypto billionaire, this new move has indicated signals of the ‘Second Great Stablecoin War.’

SBF noted that the first war round was in 2018, in which both USDT and USDC corner out TUSD, USDP, and GUSD. The FTX chief stated the difference during this period is linked to interest rates that brew more profits for stablecoins. He noted that obser ving the possible outcome for some stablecoins without any fiat backing could be interesting.

These included the likes of post-DAI-holding-USDC and post-LUNA. Further, the crypto billionaire cited that sustaining the present waves has to be an interest-bearing mode of which a contrary turn will bring crises.

Related Reading: Bitcoin Volatility Shrinks To All-Time Lows – What To Expect

The Tether USDT maintains its position as the largest stablecoin by market cap. However, there’s a recent drop in its share due to regulatory issues, which diverted investors’ interest to its rival, USDC.

General Crypto Market Outlook

The recent price turns in the crypto market were a little below the expectations of many participants. Though the market got a slight overall surge of about 1.71% since the past day, the movement seemed low-tuned.

The Asian trading session got Bitcoin surging by almost $1.3%. This pushed Bitcoin price above $20,000, but it dropped slightly after some hours. Ethereum reclaimed to cross over the $1,500 level.

Binance USD Supply Increases Amid Heated Stablecoin Wars
BTC on an upward trend l BTCUSDT on Tradingview.com
Featured Image From Pixabay, Charts From Tradingview
Tags: BinancebitcoinBUSDcoinbaseUSDC
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Denis

Denis

Denis is a passionate writer and editor and he's been writing in finance industry for almost 6 years.

Related Posts

Binance

Binance Announces New Transaction Limit By Fiat Partner – What Could This Mean For BNB?

4 days ago
Binance Coin BNB

Binance Coin (BNB) Forms Bearish Pattern, But Fundamentals Look Strong

1 week ago
binance

Binance Coin Facing Massive Sell Pressure? Mithril Team Wants 200,000 BNB Back

1 month ago
Binance BNB

Binance Market Share Allegedly Hits 77%; Criticism Grows As Even Jack Dorsey Speaks Out

2 months ago
BNB

BNB Holders Should Brace For This Trend Reversal – Happy Days Over?

4 months ago
BNB Price

BNB Price Watch: The Charts Look Good For Traders – More Green On The Plate?

4 months ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Solana (SOL) and LEO Token (LEO) Witness Steep Decline; Flasko (FLSK) Looking To Help Investors Recover Loss

January 26, 2023

BudBlockz (BLUNT) Emerges as a Haven as Bitcoin Cash (BCH) and Stellar (XLM) Struggle to Grow

January 26, 2023

The Top Picks for a Bear Market: Hedera (HBAR), Toncoin (TON), and Orbeon Protocol (ORBN)

January 26, 2023

STEPN (GMT) gains 21% as GameFi, and NFT Industries Suddenly Bounce Back, Decentraland (MANA) named one of the top creditors of bankrupted Genesis Global, Snowfall Protocol (SNW) Seems like the best buy in 2023

January 26, 2023

Polkadot (DOT) On the Rise Following New Releases This Week, Tron (TRX) Down 3% , Snowfall Protocol Is Giving Investors an Edge Over the Bear Market In 2023 With Over 500% Price Gain

January 26, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.