JPMorgan: Binance's stablecoin-related initiatives benefit Tether

Chain Catcher News: Starting from September 29, Binance will convert the existing balances and new deposits of stablecoins USDC, USDP, and TUSD into its own stablecoin BUSD. In addition, it will terminate the trading pairs of these three stablecoins with BUSD and Tether (USDT), as well as major cryptocurrencies like BTC and ETH. JPMorgan believes this decision will increase the importance of Tether in crypto trading.

Over the past 18 months, Tether's market share in the stablecoin ecosystem has been declining. After the collapse of Terra in May, most of the market share of TerraUSD (the stablecoin of the Terra blockchain) seems to have been taken over by USDC and BUSD rather than Tether. (The Block)