Coinbase has listed Binance USD (BUSD), the crypto exchange’s U.S. dollar-backed stablecoin, for trading on the EthereumEthereum network.
That makes it the eighth stablecoin to be offered by Coinbase, joining Tether (USDT), USD Coin (USDC), TerraUSD (UST), Dai (DAI), Paxos Standard (PAX), Rai Reflex Index (RAI), and mStable USD (MUSD).
BUSD is Binance’s stablecoin project, created in partnership with Paxos, which custodies the coin’s reserves. At the time of this writing, BUSD was the 10th most popular of the 172 assets on Coinbase, according to the exchange’s dashboard.
But the launch wasn’t without a small hiccup. The Coinbase Exchange Status dashboard reported that the BUSD-USDT trading pair “failed to meet the metrics” needed to continue trading and had to be paused. In plain terms, that means there wasn’t enough liquidity to allow trading. Trading only lapsed for six minutes before the issue was resolved.
Crypto exchange Binance will announce the location of its holding company "soon," CEO Changpeng "CZ" Zhao has revealed.
Speaking at the Financial Times Crypto and Digital Assets Summit, Zhao was asked where the holding company that sits at the top of a "traditional corporate structure" is based, in Binance's case. He replied, "We already have that," and that "we will announce that soon."
Zhao added: "If you want a centralized exchange, which Binance.com is, and you want to have access to traditi...
A Coinbase spokesperson, when asked about listing a competitor’s stablecoin, told Decrypt that the company doesn’t comment on specific asset listings. Binance did not respond to a request for comment from Decrypt.
It’s a peculiar development as the two exchanges have often seemed at odds with one another.
Binance and Coinbase are the two highest-ranking crypto spot exchanges, according to CoinMarketCap. The site assigns exchange scores based on traffic, liquidity, trading volumes, and legitimacy of reported trading volumes.
As of Wednesday afternoon, BUSD is the fourth largest stablecoin, with a $17.4 billion market cap, and the 13th largest cryptocurrency overall, according to CoinMarketCap.
When Coinbase (COIN) went public last year, Binance offered congratulations on Twitter. It also used the opportunity to characterize Coinbase as the exchange of choice for Wall Street and dubbed itself the exchange for “all streets.”
For its part, Coinbase has acknowledged Binance from its official Twitter account to celebrate the fact that USDC had been listed on its exchange—and tout that it co-founded the CENTRE Consortium that created the stablecoin.
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
Yesterday, the WhaleAlert Twitter account flagged a $122,895,760 BUSD burn by the Binance exchange’s address.
Stablecoin burns usually occur to make sure the number of circulating tokens matches the reserve funding that backs them. For example, yesterday’s burn was likely because a wallet cashed out their BUSD for fiat currency. That would mean Binance needed to burn a corresponding number of tokens to maintain a 1-to-1 ratio.
First DAI, now BUSD. Terra’s UST is on a tear.
Today, the fast-growing TerraUSD (UST) stablecoin from the Terra ecosystem has hit another key milestone. With more than $17 billion in market capitalization, it's become crypto’s third-largest stablecoin.
Terra's stablecoin overtook Binance USD (BUSD) to grab third place, but the gap is thin: roughly $68 million.
The leading stablecoin as of this writing is Tether (USDT), which commands a whopping $82 billion market cap. USD Coin (USDC) is second...
When auditing firm Withum last completed an examination of the reserves held by Paxos, to back BUSD and its own stablecoin, Pax Dollar (USDP), the firm reported the 1-to-1 ratio was intact.
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The Russian Ministry of Energy is considering offering its now strictly regulated Bitcoin mining industry incentives to move to the north of the country.
The move follows Russia slapping a Bitcoin mining ban on ten regions (mainly in the south) in January of this year: Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, Donetsk, Lugansk, Zaporizhzhia, and Kherson.
Russia to Ban Crypto Mining 'In Some Regions' Due to Electricity Shortages
The ban is set to rema...
Kraken will soon offer overseas customers the ability to trade U.S.-listed stocks through the crypto exchange’s platform, the company said in a press release on Thursday.
The offering, which covers more than 50 U.S.-listed stocks and exchange-traded funds, will be facilitated through a partnership with Backed, a firm specializing in tokenized securities, using the Solana blockchain to offer so-called xStocks, the company said.
Tokenization refers to the process of taking real-world assets, wheth...
Managing a crypto portfolio is a complicated business—unnecessarily so, according to Glider Co-Founder Brian Huang.
“We need to get to a point where we can say, ‘Hey, Mom, do you want to participate in this?’” he told Decrypt. “We spend a lot of time on this at Glider: how can we make the barrier to entry so low that anybody could do it?”
Glider is designed to enable users to “come to the platform with any trading idea,” Huang said, “and what we do is we automate that whole process for you. So...