participate in one conversation on Twitter Spaces this Tuesday (24) Changpeng Zhao (CZ) suffered from the decision of US regulators on Binance USD (BUSD). However, it noted that BUSD “never been a good deal” for binance.
In another commentary, Binance’s CEO says the industry needs to look for alternatives. As an example, he cited that stablecoins backed by currencies from other countries should gain space from what happened.
In the aftermath, Zhao also advised serious projects to leave the US. The reason, of course, would be the enmity of US regulators, who seem to be trying to rip the cryptocurrency industry from the brink.
Binance’s CEO believes in stablecoins backed by currencies other than the dollar
Today, three of the seven largest cryptocurrencies on the market are stablecoins, all of which are pegged to the dollar. However, with the blow that Paxos, broadcaster of BUSD received, history could change.
According to Binance CEO CZ, now is the time for stablecoins backed by other currencies to grow.
“This will shrink the USD stablecoin market, so the industry is exploring the possibilities”Binance’s director stated this Tuesday (24).
“I think we will see more euro-based stablecoins or others [moedas]Japanese Yen and Singapore Dollar.”
However, the situation is complicated. After all, it is the largest euro-backed stablecoin Eurostasis (EURS)with a market cap of US$133 million, followed by Euro coin (EUROC) from Circle, with US$33.7 million. Numbers far from Tether, today with $69.2 billion in tokens.
In other words, there’s a big space to fill, which means business opportunities, but also big challenges.
Finally, Zhao also stated that “BUSD was never a good deal” for Binance, noting that the idea and its issuance was the responsibility of Paxos.
Changpeng Zhao recommends that serious projects leave the US
With the US attacking cryptocurrencies from all sides, Binance’s CEO believes that this is not the right place for serious projects to come to fruition. Zhao recommended places like Dubai, Bahrain and France, showing that he was deeply angry with US regulators.
“If you take your project seriously, moving to a new country might not be a bad thing”declared Binance’s CZ. “Most regulators claim to welcome people to talk, but I’m not sure how much access they actually give people, especially new projects with no reputation.”
Finally, Binance itself operates in and out of the US. Through Binance US, the exchange is targeting US customers and offering fewer cryptocurrencies due to regulatory concerns. Binance international, on the other hand, knows how to have more freedom to work in the market.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
