1. PixelPlaygroundHome
  2. Web3 News

The Rise of USDT as a Preferred Stablecoin on Binance

• Web3 News • 70 views

According to the news, Gabor Gurbacs, director of digital asset strategy of VanEck, an investment management company in New York, said on social media that som…

The Rise of USDT as a Preferred Stablecoin on Binance

According to the news, Gabor Gurbacs, director of digital asset strategy of VanEck, an investment management company in New York, said on social media that some of the most liquid currency pairs (excluding Binance. US) on Binance were traded in the form of USDT. It is wise for CZ to support USDT. Compared with the stable currency issued by the United States, Tether’s attention to emerging markets may be considered less risky by global Binance users. A win-win situation for Binance users. The regulatory situation of cryptocurrency business in the United States is chaotic, unfriendly and unreliable. No wonder people, companies and exchanges will stay away from American products. Not long ago, owning/using American products was a pride, but today it is more like a responsibility.

VanEck Digital Asset Strategy Director: The regulatory situation of cryptocurrency in the United States is chaotic

Interpretation of the news:


The news report reveals that Gabor Gurbacs, the director of digital asset strategy at VanEck, has shared his opinion on social media regarding the increasing popularity of USDT as a preferred stablecoin on Binance. According to Gurbacs, some of the most traded currency pairs on Binance are in the form of USDT, which is why it makes sense for Binance CEO CZ to support this stablecoin. Apparently, USDT’s focus on emerging markets makes it less risky for global Binance users compared to stablecoins issued by the United States.

The article suggests that Binance users benefit from using USDT in terms of reducing their exposure to highly uncertain regulatory regime of cryptocurrency business in the US. This situation is viewed as chaotic, unfriendly, and unreliable by many players in the cryptocurrency market. As a result, many people, companies, and exchanges are avoiding US-based products in favor of alternatives that may be safer and more trustworthy. Gurbacs implies that USDT is considered such an alternative by the users of Binance.

The rise of USDT as a preferred stablecoin on Binance reflects the changing dynamics of the cryptocurrency market. While it used to be considered a point of pride to own or use American products, especially in the digital realm, now it has become more of a responsibility due to the regulatory uncertainty surrounding the industry. As such, users are looking for alternatives from sources that are more reliable, which may provide a win-win situation for users on Binance.

Overall, the message reveals a growing preference for stablecoins like USDT over those issued in the US due to concerns around inconsistencies in regulatory frameworks. The use of USDT by Binance users, specifically in emerging markets, may indicate a shift in power in the cryptocurrency market. The rise of alternative stablecoins presents a challenge to the dominance of traditional players, leaving them no choice but to adapt to stay relevant in the ever-changing landscape.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/1287/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 02/17/2023 12:41
Next 02/17/2023 13:00

Recommended articles