Coinbase Adds Support to Rival Binance’s BUSD

Coinbase Adds Rival Binance’s Stablecoin BUSD Support
  • 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.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.