Circle CEO says Binance decision to stop USDC support is good as it increases utility

Circle CEO Jeremy Allaire said Binance’s decision to convert its users’ USD Coin (USDC) holdings to its Binance USD (BUSD)stablecoin is good. According to Allaire, the move would further increase USDC’s utility and “lead to a gradual net share shift from USDT to BUSD and USDC.”

Allaire continued that FTX and Coinbase already use the Converged dollar books, so, Binance following suit is a welcome development. Crypto market maker Wintermute’s CEO Evgeny Gaevoy also supported Binance’s decision. According to Gaevoy, removing most stablecoin pairs helps to make the market more liquid and market makers’ jobs easier. He said the move would also benefit the stablecoin.#web3grandpappa #togrp7 #mimeXmime

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