Binance Shakes Up Landscape for Most-Traded Crypto Tokens
- Binance is converting USDC deposits into its own stablecoin
- Value of Circle’s USDC has declined by more than $6 billion
The logo for Binance Coin is pictured during the Dubai Crypto Expo on October 5.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
The competitive landscape for some of crypto’s most traded tokens is shifting, following a move by digital-asset exchange Binance to prioritize its own product and the attractiveness of rising interest rates in traditional finance.
Stablecoins -- digital tokens which aim to keep a one-to-one value with a less volatile asset like the dollar -- are typically used by traders as a haven from the wild price swings in crypto markets. They’re also a popular tool for trading across multiple venues or exchanges, and particularly on decentralized venues, can sometimes earn investors a tidy yield.