- Coinbase has listed Binance’s US dollar-backed stablecoin BUSD on its platform.
- That makes BUSD the eighth stablecoin available on Coinbase.
- BUSD is the 4th largest stablecoin by market cap.
Coinbase has listed its competitor Binance’s US dollar-backed stablecoin on its Ethereum network.
BUSD will become the eighth stablecoin on Coinbase, alongside Tether (USDT), USD Coin (USDC), TerraUSD (UST), Dai (DAI), Paxos Standard (PAX), Rai Reflex Index (RAI), and mStable USD (MUSD).
The Binance stablecoin project BUSD debuted in partnership with Paxos, the one responsible for the stablecoin’s reserves.
Coinbase and Binance have been strikingly clashing through social media in the previous years. Last year, Binance congratulated the competitor’s exchange after Coinbase (COIN) went public last year via Twitter. Binance specified in the tweet that Coinbase will “take care of Wall Street;” they will “take care of all streets”.
Meanwhile, according to the Coinbase Exchange Status dashboard, the stablecoin’s launch had experienced slight trouble. Reportedly, the BUSD-USDT trading pair failed to meet the metrics required to continue trading. This means that the coin’s liquidity to allow trading isn’t sufficient. The issue was resolved six minutes after the trading failed.
At the time of publication, BUSD ranked 10th as the most popular asset on Coinbase’s dashboard. According to CoinMarketCap, Binance and Coinbase are the two top ranking crypto spot exchanges. As of Friday, BUSD is the fourth largest stablecoin in terms of market cap, with a current market cap of $17.5 billion. This makes it the 13th largest cryptocurrency according to CoinMarketCap.
Recommended News :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.