Circle executive appreciates the move of “Binance USDC trade pair remove”

Jeremy Allaire responded to the latest move of the Binance exchange and said that it is a good decision to welcome more utility.

Just a couple of days ago, the Binance exchange announced that it will no longer support USDC, USDP & TUSD trade pair support and all the stablecoins will swap into Binance USD (BUSD). Binance exchange said that decision has been taken to make the ecosystem of Binance better & efficient for users. 

Wintermute’s CEO Evgeny Gaevoy responded to this decision of Binance exchange and claimed that people are just misleading people on Circle’s USDC. 

According to Evgeny, this decision will allow a better situation for crypto traders on the platform because it will provide more liquidity against the BUSD trade pair. 

1) Removing most stablecoin pairs is a good thing – liquidity doesn’t have to be split between multiple stablecoins, making market makers’ job easier and markets overall more liquid

— wishful cynic (@EvgenyGaevoy) September 5, 2022

Further Circle CEO Jeremy Allaire appreciated the perspective of Wintermute CEO on this decision of Binance exchange and said that the same concept was already adopted by Coinbase & FTX exchange and it will only increase the utility of USDC. 

Helpful perspective from @wintermute_t , which is spot on. Converged 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

Allaire also noted that it will shift the gradual net share from Tether (USDT) to USDC & BUSD. 

Due to this decision of the Binance exchange, the BUSD stablecoin grabbed huge attention among crypto Investors as a leading choice as a stablecoin pair. In the last 24 hours, BUSD trade volume surged by around more than 60%. 

At present, USDT is standing at first rank with a $67 billion market cap, while USDC is at 2nd rank with $51.7 billion & BUSD stands at third rank.

Read also: