{"id":259994,"date":"2022-09-06T14:30:07","date_gmt":"2022-09-06T13:30:07","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=259994"},"modified":"2023-06-23T22:43:38","modified_gmt":"2023-06-23T21:43:38","slug":"circle-ceo-says-binance-decision-to-stop-usdc-support-is-good-as-it-increases-utility","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/circle-ceo-says-binance-decision-to-stop-usdc-support-is-good-as-it-increases-utility\/","title":{"rendered":"Circle CEO says Binance decision to stop USDC support is good as it increases utility"},"content":{"rendered":"<p>Circle CEO Jeremy Allaire said Binance's <a href=\"https:\/\/cryptoslate.com\/binance-will-stop-supporting-usdc-certain-other-stablecoins-by-sept-29\/\">decision<\/a> to convert its users' USD Coin (<a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\">USDC<\/a>) holdings to its Binance USD (<a href=\"https:\/\/cryptoslate.com\/coins\/binance-usd\/\">BUSD<\/a>)stablecoin is good.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Helpful perspective from <a href=\"https:\/\/twitter.com\/wintermute_t?ref_src=twsrc%5Etfw\">@wintermute_t<\/a> , which is spot on. Converged dollar books on Binance \u2014 now same as on FTX and Coinbase \u2014 is a good thing. USDC utility just increased. <a href=\"https:\/\/t.co\/QWfMx7f1cZ\">https:\/\/t.co\/QWfMx7f1cZ<\/a><\/p>\n<p>&mdash; Jeremy Allaire (@jerallaire) <a href=\"https:\/\/twitter.com\/jerallaire\/status\/1566921483003334657?ref_src=twsrc%5Etfw\">September 5, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Allaire, the move would further increase USDC's utility and &#8220;lead to a gradual net share shift from USDT to BUSD and USDC.&#8221;<\/p>\n<p>Allaire continued that FTX and Coinbase already use the Converged dollar books, so, Binance following suit is a welcome development.<\/p>\n<h2>Wintermute CEO supports Binance's move<\/h2>\n<p>Crypto market maker Wintermute's CEO Evgeny Gaevoy also supported Binance's decision.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1) Removing most stablecoin pairs is a good thing &#8211; liquidity doesn\u2019t have to be split between multiple stablecoins, making market makers\u2019 job easier and markets overall more liquid<\/p>\n<p>&mdash; wishful cynic (@EvgenyGaevoy) <a href=\"https:\/\/twitter.com\/EvgenyGaevoy\/status\/1566915968605061122?ref_src=twsrc%5Etfw\">September 5, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Gaevoy, removing most stablecoin pairs helps to make the market more liquid and market makers' jobs easier.\u00a0He said the move would also benefit the stablecoin because depositing and withdrawing them via the platform would become more accessible.<\/p>\n<h2>Tether's dominance faces a challenge<\/h2>\n<p>Meanwhile, Gaevoy pointed out that the move challenges Tether's (USDT) dominance of the space.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ultimately until tether improves their operational efficiency (minting\/burning is a T+1 process, unlike almost instant in case of USDC\/BUSD\/TUSD) and mint\/redeem cost, it will continue losing ground.<\/p>\n<p>&mdash; wishful cynic (@EvgenyGaevoy) <a href=\"https:\/\/twitter.com\/EvgenyGaevoy\/status\/1566915973977964545?ref_src=twsrc%5Etfw\">September 5, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Gaevoy said users would &#8220;keep wondering what makes tether so &#8220;special&#8221; that they need to bother with conversion,&#8221; which would increase the liquidity of non-USDT pairs in the long run.<\/p>\n<p>Gaevoy continued that USDT would have to improve its operational efficiency and mint\/redeem cost or keep losing ground to US native stablecoins.<\/p>\n<h2>BUSD trading volume spikes by over 60% in 24 hours<\/h2>\n<p>BUSD trading volume increased by 65% over the last 24 hours to $8.4 billion, according to CryptoSlate data. BUSD is the third-largest stablecoin with a market cap of $19.4 billion.<\/p>\n<p>Similarly, USDC's trading volume rose by 25% to $7.2 billion. USDC is the second-largest stablecoin by market cap, with $52 billion.<\/p>\n<p>Meanwhile, Tether's trading volume also spiked by 40% during the same period to $49 billion. USDT is the largest stablecoin in the space, with a market cap of $67.5 billion.<\/p>\n<p>Overall, $65.5 billion stablecoins were traded over the last 24 hours, and Tether's USDT accounted for over 80% of these trades.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Circle CEO Jeremy Allaire said Binance&#8217;s decision to convert its users&#8217; USD Coin (USDC) holdings to its Binance USD (BUSD)stablecoin is good. Helpful perspective from @wintermute_t , which is spot on. Converged dollar books on Binance \u2014 now same as on FTX and Coinbase \u2014 is a good thing. USDC utility just increased. https:\/\/t.co\/QWfMx7f1cZ &mdash; [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":260043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32631],"tags":[76800,76920,76896,76824,72860],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Circle CEO says Binance decision to stop USDC support is good as it increases utility<\/title>\n<meta name=\"description\" content=\"Binance decision to convert its users&#039; USDC holdings to BUSD has been hailed by Circle CEO Jeremy Allaire and WInermute CEO Evgeny Gaevoy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/circle-ceo-says-binance-decision-to-stop-usdc-support-is-good-as-it-increases-utility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Circle CEO says Binance decision to stop USDC support is good as it increases utility\" \/>\n<meta property=\"og:description\" content=\"Binance decision to convert its users&#039; USDC holdings to BUSD has been hailed by Circle CEO Jeremy Allaire and WInermute CEO Evgeny Gaevoy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/circle-ceo-says-binance-decision-to-stop-usdc-support-is-good-as-it-increases-utility\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-06T13:30:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-23T21:43:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/image_2022-09-06_175520011.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/circle-ceo-says-binance-decision-to-stop-usdc-support-is-good-as-it-increases-utility\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/circle-ceo-says-binance-decision-to-stop-usdc-support-is-good-as-it-increases-utility\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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