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1) Binance converts USDC --> BUSD, and we see the change in supplies. Thus begins the Second Great Stablecoin War. (The first one, fought in ~2018, ended with USDC and USDT edging out TUSD/GUSD/USDP.)

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Frank Chaparro

@fintechfrank

Oct 22

BUSD supply is on a tear, topping $20 billion this month for the first time ever BUSD supply as a share of the overall stablecoin market is at an all time high of 15.48% So far this month, the % of trades denominated in BUSD stands at 22%

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SBF

@SBF_FTX

2) What's different this time is: a) positive interest rates --> more revenue for stablecoins b) by now they've all learned the core lesson: NEVER EVER BLOCK REDEMPTIONS or your stablecoin will no longer be stable

7:01 AM · Oct 23, 2022Twitter Web App

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3) At this point, we're probably the largest unaligned players in the stablecoin ecosystem. Bybit, the various blockchains, tradfi, and market makers are as well. (Worth asking what the futures are of USDK, HUSD, etc.)

SBF

@SBF_FTX

Oct 23

4) Finally--it'll be interesting to see what emerges from the non-fiat-backed-stablecoin space, post-Luna and post-DAI-holding-USDC. My guess is that it will be something interest bearing or otherwise with some upside.