While the market cap gap between Tether (USDT) and USDC was $10 billion during the year, it increased to $16 billion as a result of Binance’s steps to limit its stablecoin competitors.
This difference is based on $16 billion, and although it is a huge difference, it should not be forgotten that this difference was 36 billion dollars at the beginning of the year.
Market Cap Gap Between Two Big Stablecoins Grows
While the market cap gap between USD Coin (USDC) and Tether (USDT) was $36 billion earlier in the year, it has dropped to $10 billion due to Binance’s stance against its stablecoin rivals. This difference has now come to $16 billion.
Also issued by Circle, USDC has dealt with some headwinds. Binance has announced that it will begin converting USDC, Pax Dollar (USDP) and True USD (TUSD) user balances and deposits into its Binance USD (BUSD) stablecoin over the weekend. Binance has announced that it will end support for USDC, USDP and TUSD stablecoins to prioritize BUSD.
In its statement, the company announced a “BUSD Auto-Conversion” that will start on September 29 to “increase liquidity and capital efficiency”.
In the subsequent statements, Binance confirmed that it currently has no plans to automatically convert Tether (USDT) to Binance USD (BUSD), but stated that this could change. The statement also referred to the move as a decision to increase liquidity and capital efficiency for users.
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