After the USDC crisis, there has been an increase in the trend towards alternative stablecoins that are not in the major status.
Bombshell of the day USDCcrisis caused turmoil in the crypto industry. USDC Major stablecoins began to exit after its issuer Circle announced that it was unable to bail out $3.3 billion from Silicon Valley Bank. USDT, market value 70 billion dollarswhen fixing it, USDC, BUSD, USDD, DAI It has been observed that stablecoins such as depegs. Also, investors USDTbesides, alternatively stablecoin that hasn’t gained much popularity yetThey started to turn to the .
Increasing Interest in Alternative Stablecoins
Cryptocurrency investors were stunned by the collapse of USDC after the crisis. Cryptocurrency investors have also started looking for an alternative stablecoin.
Just after the USDC crisis in the early morning, Binance announced that it will add pairs of several stablecoins to the exchange. This move, which was welcomed by the community, was shown as a service offered to users in order to recover the market. Sharing this news of Binance on Twitter, CZ stated that they always support more than one stablecoin and that more will come.
So-called major stablecoins ( USDT, BUSD, USDC, DAI ) started to move on its toes due to various pressures from US regulators and bankruptcy of banks. Therefore, CZ has provided more stablecoin services, enabling investors to find broad scope of action.
Supporting multiple stablecoins, always. More to come. https://t.co/5W1mHzOjoG
— CZ 🔶 Binance (@cz_binance) March 11, 2023
In the monopolizing stablecoin market, the money flowing into these so-called major stablecoins has not escaped the radar of US regulators. On the downside, panic selling and crashes in these stablecoins could affect the entire crypto market. This situation, which was experienced in the Terra crisis before, is now USDC is spoken for. Among the allegations, USDC is about to collapse.
In the middle of all these processes Binance, stablecoinStating that they do not want the market to be monopolized, it started to offer a wide range of stablecoins.
Among the stablecoins that Binance will list on its exchange as parity, USDPAnd TUSD is also included. these two stablecoinAlthough their names are not well known, they started to attract the attention of investors after the recent events.
It was also noteworthy that Binance has stablecoin issuers among the top risers. TUSDissuer TrueFiranks first among the highest risers and LUSDissuer of stablecoin of liquidity It is not seen as a coincidence that it exhibits a strong rise in Many investors have started to turn towards alternative stablecoins and their issuers.
