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The expert saw the risks for USDT in the steps of Binance on the conversion of stablecoins
Automatic conversion of Binance USDC, USDP and TUSD on user balance in BUSD in a 1: 1 ratio will lead to a decrease in the USDT market share. This conclusion was reached by CEO and founder of the Wintermute marketmaker Evgeny Gaevo.
On USDC News. Found Most Headlines Very Much Misleading. My 5 cents:
– Wishful Cynic (@Evgenygaevoy) September 5, 2022
According to the expert, the initiative will lead to liquidity in one “stable coin”, and not in different. This will facilitate the work of active market participants.
USDC, USDP and TUSD will win, since bitcoin turf will allow you to withdraw funds in the same stablecoins as when depositing.
Previously, I had to convert USDC/USDP/TUSD in Busd/USDT for marginal trade. After implementing the initiative, the need for this will disappear. “Auto -Control” will improve interaction with customers and preserve (even strengthen) the utility of USDC, Gaue’s emphasized.
USDT will be aside. Many will definitely ask the question, which makes it so “special”. In the long run, liquidity in non -nominated pairs with USDT will increase, suggested CEO Wintermute.
Tether will continue to lose position until it improves the process of release/repayment. Now this is realized the next day, unlike USDC/USDP/TUSD, where the process is almost instantaneous.
Silvergate and Signature will hardly serve the USDT issuer due to the negative position of US regulators. It is these two organizations that receive the most fiat dollars in 24/7 mode, the expert explained.
Market makers for Busd conversion into USDC and back “in seconds” do not require BINANCE. This opportunity will become accessible to all. FTX does such operations “already an eternity”, the specialist noted.
CEO Circle, USDC co -implements, Jeremy Allaire recognized the correctness of the Gavoy. He confirmed the increase in the usefulness of a “stable coin” thanks to the initiative of Binance.
HELPFUL Perspective from @wintermute_t, Which is spot on. Convertered Dollar Books on Binance – Now Same as ON FTX and COINBASE – IS A Good Thing. USDC Utility Just Increased. https: // t.CO/QWFMX7F1CZ
– Jeremy allaire (@jerallaire) September 5, 2022
The representative of Binance, in an interview with Cointelegraph, announced the absence of a USDT Auto Convert on Busd, but did not rule out that such an option would appear in the future.
The platform employee explained that the initiative associated with stablecoins will be constant in nature.
“This is not divisting. You can make and display USDC. Just a merger of the entire liquidity of one pair. Better price, the lowest slippage for users “, – explained CEO Binance Chanpen Zhao.
Not delist. YOU CAN STILL DEPOSIT and WITHDRAW USDC. Just Mering All Liquidity Into One Pair. Best Price, Lowest Slippage for Users.
– Cz 🔶 Binance (@cz_binance) September 5, 2022
The head of the Nansen analytical platform, Alex Svanevik, drew attention to a decrease in the number of USDC tokens more than twice, up to less than $ 1 billion.
Recall that from September 29, Binance will begin to automatically convert some stablecoins on user balance in Busd.
In July, Arcane Research analysts predicted that the USDC will surpass the USDT capitalization.
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