Coinbase listed Binance’s stablecoin BUSD which is the fourth largest stablecoin by market cap now available for trading on the Ethereum network so let’s read more today in our latest Coinabse news.
BUSD makes the eight stablecoin to be offered by Coinbase and joined Tether, USD Coin, DAI, Paxos Standard, TerrraUSD, Rai Reflex Index, and stable USD. BUSD is Binance’s stablecoin project was created in partnership with Paxos that custodies the coin’s reserves and at the time of writing, BUSD was the 10th most popular of the 172asset on Coinbase as per the exchange’s dashboard. The launch was not without a small hiccup so the coinbase Exchange status dashboard reported that the BUSD-USDT trading pair failed to meet the metrics that are needed to continue trading and had to be paused so in plain terms, this means there wasn’t enough liquidity to allow trading and the tradign only lapsed for six minutes before the issue got resolved.
— Binance (@binance) April 14, 2021
The coinbase spokesperson when asked about listing a competitor’s stablecoin, said that the company doesn’t comment on specific asset listing. It is a peculiar development as the two exchanges often seemed at odds with one another. Coinbase and Binance are the two highest-ranking crypto spot exchanges as per CoinMarketCap and the site assigns exchanges scores based on liquidity, traffic, trading volume, and legitimacy of reported trading volumes. BUSD is the fourth biggest stablecoin with a $17.4 billion market cap and the 13th biggest crypto overall as per CoinMarketCap.
When Coinbase went public last year, Binance offered congratulations and used the opportunity to characterize Coinbase as the exchange of choice for Wall Street and became the exchange for the streets. For its part, Coinbase acknowledged Binance from the official Twitter account to celebrate the fact that USDC got listed on the exchange and tout that it co-founded the CENTRE Consortium which created the stablecoin. The WhaleAlert Twitter account flagged a $122,895,760 BUSD burned by the exchange’s address.
Binance is listing USDC–the stablecoin co-created by @circlepay and Coinbase via @centre_io. We co-founded the CENTRE Consortium with the goal of establishing a standard for fiat on the internet, and we’re thrilled to see adoption growing around the world. https://t.co/iNvQdvML3H
— Coinbase (@coinbase) November 15, 2018
The stablecoin burns often occur to make sure the number of circulating tokens that match the reserve funding which backs them. Yesterday’s burn was because a wallet cashed out their BUSD for fiat and could mean that the exchange needed to burn a corresponding number of tokens to maintain a 1 to 1 ratio and when auditing firm Withum completed an examination of the reserves held by Paxos to back the stablecoin and the Pax Dollar and the reproted 1-to-1 ratio was intact.
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