Why Binance Isn’t Converting Tether to BUSD

CoinDesk published this video item, entitled “Why Binance Isn’t Converting Tether to BUSD” – below is their description.

Binance is converting all investments in USDC, pax dollar (USDP) and trueUSD (TUSD) into its stablecoin Binance USD (BUSD) on Sept. 29. Patrick Hillmann of Binance discusses the change and why Tether won’t be moved.

CoinDesk YouTube Channel

Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.


About This Source - CoinDesk

CoinDesk is a news site specializing in bitcoin and digital currencies. The site was founded by Shakil Khan and was subsequently acquired by Digital Currency Group.

Recent from CoinDesk:

How upcoming elections around the world could impact the crypto industry 1

How Upcoming Elections Around the World Could Impact the Crypto Industry

Tornado Cash Developer Roman Storm Will Go to Trial in 2024

What’s Next for Tornado Cash Developer Roman Storm?

In This Story: Binance

Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

The company has launched various cryptocurrencies: Binance Coin (BNB), launched June 2017, and Binance Smart Chain (BSC), launched September 2020. Binance Smart Chain operates using “Proof of Staked Authority”, a combination of proof of stake and proof of authority.

Binance is currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.

3 Recent Items: Binance

Ledger Didn’t See Sales Uptick Significantly Following Binance’s $4.3B Fine, CEO Says

What’s Next for Binance Founder CZ After His Guilty Plea?

Binance founder Changpeng Zhao will be going to jail, says CFTC Chair Russ Behnam

In This Story: Stablecoin

Stablecoins are cryptocurrencies where the price is designed to be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities.

2 Recent Items: Stablecoin

OpenAI’s Ex-CEO Sam Altman Joins Microsoft; Bullish Completes Purchase of CoinDesk: WSJ

Stablecoin issuer ‘Circle’ considers 2024 IPO: Report

In This Story: Tether

Tether is a cryptocurrency with tokens issued by Tether Limited, which in turn is controlled by the owners of Bitfinex. Market capitalisation: $73.02 billion

3 Recent Items: Tether

Bitcoin rally looks like ‘very real bull run’: Bitcoin Foundation Chairman Brock Pierce

OpenAI’s Ex-CEO Sam Altman Joins Microsoft; Bullish Completes Purchase of CoinDesk: WSJ

Covid Inquiry: Martin Reynolds used ‘disappearing’ messages with Boris Johnson on WhatsApp

In This Story: TrueUSD (TUSD)

TrueUSD is a U.S. dollar stablecoin pegged to USD at 1:1. First launched to a limited investor base in January 2018, TrueUSD has since grown to incorporate almost $400 million of backed tokens as of October 2020.

TrueUSD is one of a number of cryptocurrency stablecoins administered by TrustToken, a platform for tokenizing real-world assets.

TrueUSD is a stablecoin launched by parent company TrustToken, whose co-founder and CEO is Rafael Cosman

2 Recent Items: TrueUSD (TUSD)

Binance to Benefit From Increased Supply of BUSD Stablecoin

Circle CEO Expects USDC to Benefit From Binance’s Auto-Converting

In This Story: USDC

USD Coin (known by its ticker USDC) is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. Every unit of this cryptocurrency in circulation is backed up by $1 that is held in reserve, in a mix of cash and short-term U.S. Treasury bonds.

USD Coin is managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain, an investor in Circle.

The stablecoin originally launched on a limited basis in September 2018.

3 Recent Items: USDC

Airtm’s Lisa Nestor Explains USDC-Enabled Digital Dollar Wallet

USDC Issuer Circle Curbs Stablecoin Minting for Retail Users

Bridging Traditional Finance Customers and the Crypto Ecosystem

Leave a Comment

We don't require your email address, or your name, for anyone to leave a comment. If you do add an email address, you may be notified if there are replies to your comment - we won't use it for any other purpose. Please make respectful comments, which add value, and avoid personal attacks on others. Links are not allowed in comments - 99% of spam comments, attempt to post links. Please describe where people may find additional information - for example "visit the UN website" or "search Google for..." rather than posting a link. Comments failing to adhere to these guidelines will not be published.