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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

Oct 23

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

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SBF

@SBF_FTX

Oct 23

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

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.

7:01 AM · Oct 23, 2022Twitter Web App

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Could you use less hyphens please

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Pls pump my bags ser

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You would be correct in that assumption #realusd $usdr

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I always liked the $MIM model ... which is interest bearing, over-collateralized. $VESTA is a similar project on Arbitrum -- I just interviewed the founder a few weeks back: