On the surface, Binance removing stablecoins it doesn’t control, like USDC, and converting the balances to BUSD looks bad, but the reality is different. Binance will support other stablecoins; Bitcoin falls late. TheSamReynolds and JPRubin23 report
, like USDC and True USD , and converting the balances to BUSD looks bad – like antitrust bad, as there’s a platform swapping out the support of its competitor’s product for its own.The reality is not quite that. Binance will still support other stablecoins. It will allow the deposit and withdrawal of USDC, TUSD and others .
All this is similar to how FTX treats Tether. USDT is viewed as an asset being 1:1 to the USD, but not a stablecoin.
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