Conversation

SBF
@SBF_FTX
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.)
Quote Tweet
Frank Chaparro
@fintechfrank
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%
Show this thread
Image
Image
115
734
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
5
153
SBF
@SBF_FTX
Replying to
@SBF_FTX
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.
36
138
Googly
@0xG00gly
Replying to
@SBF_FTX
There is a tax advantage in some jurisdictions of trading vs stablecoins rather than stablecoin pairs (same for perps) as they are not taxed as long as they don't use fiat: FTX fungibility of USDC/BUSD etc into "USD" actually creates for them a tax liability
2
4