USDC

BUSD

First Digital USD

Coin

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 Binance has been experimenting with relatively lesser-known stablecoins after a pause on BUSD. 
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<div class="cointelegraph"> 
 Coinbase CEO Brian Armstrong’s comments to a question about the USD Coin (USDC) stablecoin during the company’s second-quarter earning calls raised some eyebrows.&nbsp; 
 While commenting on the market cap of USDC, Armstrong quipped that Binance moved some of its funds from USDC into another stablecoin, but despite that, the market cap of USDC has held up. 
 <blockquote>
 “Binance actually moved some of their funds from USDC into another stablecoin. I think the data we have in the last six or seven weeks, I believe, that the USDC market cap is up net of that. And so that’s an important data point.” 
 </blockquote> 
 USDC is the preferred choice of <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> on Coinbase, and the crypto exchange is a member of the consortium that owns USDC. Binance crypto exchange once also held a significant amount of USDC reserves; however, based on Armstrong’s comments, it seems the crypto exchange has converted a chunk of its holdings to other <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s. 
 Cointelegraph reached out to Coinbase and Binance to confirm the news but did not receive a response by publication. 
 According to on-chain data, Binance has been redeeming USDC for United States dollars recently, with many market observers believing it is going toward its new <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> of choice called First Digital USD (FDUSD). 
 <blockquote class="twitter-tweet"> 
 CZ + Sun have been exiting $USDT via $USDC to get USD. Tether can't redeem billions. New stablecoins emerge. $TUSD denominated volumes went from 0% to 20% in just a few months. #Binance controls 90% of $TUSD supply. This is very simple. The cartel is turning. Please advise. https://t.co/T8PLDNfu2n— Not Tiger Global (@NotChaseColeman) August 4, 2023 
 </blockquote> 
 However, this isn’t Binance’s first conversion of USDC to other <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s. In September 2022, the crypto exchange announced it would&nbsp;auto-convert all user-held USDC on the platform to Binance USD (BUSD), the Binance-branded <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> issued by Paxos Trust Company. At the time, the exchange didn’t reveal whether it planned to sell or convert its reserves to other <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s 
 Binance has long been looking for new <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s after the New York Department of Financial Services&nbsp;ordered&nbsp;Paxos to stop issuing the&nbsp;dollar-pegged BUSD <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>. Binance later turned to TrueUSD (TUSD) to mitigate its <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> needs; however, TUSD depegged, and its issuance was halted&nbsp;by&nbsp;June 10. 
 Binance has since turned to another relatively unknown stablecoin — FDUSD. The new stablecoin issued by a Hong Kong-based company has gained traction over the past few weeks after Binance launched&nbsp;several trading pairs for the stablecoin, along with zero trading fee offers. 
 Related: USD-backed stablecoin pilot project launched by Pacific island nation of Palau 
 The rise of FDUSD even garnered attention from Tether chief technology officer Paolo Adriono, who noted that Tether (USDT) was pressured down and USDC, its main competitor, was also heavily redeemed. 
 <blockquote class="twitter-tweet"> 
 Isn't it interesting that USDt is being pressured down (slightly, within 10bps, just to push market makers to react), and USDc, the main competitor that you would expect being gaining from the situation, is redeemed heavily nevertheless, while suddenly a competitor born 2 days…— Paolo Ardoino (@paoloardoino) August 3, 2023 
 </blockquote> 
 USDC is the second-largest stablecoin by market share and was once seen as the true competitor to the market leader, USDT. However, in the past year, USDC’s market cap has shrunk by nearly half, falling from $44.5 billion at the start of the year to $26 billion at the time of writing. 
 Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space. 
 Magazine: Yuan <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express 
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Binance sold USDC for another stablecoin —Coinbase CEO

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