With a circulating supply of 5.1 Billion BUSD, Binance USD is valued at a market cap of 5,149,442,883. Securities and Exchange Commission (SEC) intends to sue stablecoin issuer Paxos, which is behind the Pax dollar (USDP) and Binance USD (BUSD) tokens. This represents a 0.04 price increase in the last 24 hours and a 0.17 price increase in the past 7 days. "The feature of liquid dollar digital currencies should be that they are redeemable on demand, and at par at all times, even during conditions of stress," Disparte added.įor a weekly update on cryptocurrencies and digital assets sign up for Reuters Crypto Wire newsletter here. The price of Binance USD (BUSD) is 1.00 today with a 24-hour trading volume of 398,340,834. Dante Disparte, Circle's chief strategy officer and head of global policy, said that there will be "challenges" relating to liquidity and redemptions when assets are swapped in the way Binance has done with USDC. In May, Ulta Beauty partnered with the cruelty-free eyeshadow brand Urban Decay to throw a virtual party inside the Ultaverse. INX1.45 Cardano (ADA / USD) 0.3782 ADA3.70 Binance Coin (BNB / USD). USDC, issued by U.S.-based firm Circle, is the world's second-biggest stablecoin. Ulta’s virtual Roblox world is called the Ultaverse. 1,907.46 ETH2.49 Litecoin (LTC / USD) 95.12 LTC0.94 Dogecoin (DOGE / USD) 0.0727 DOGE1.78 S&P 500 4,282.37. We expect the situation will be restored when the banks open." "The banks are not open for another few hours. Zhao said on Tuesday swapping USDC with two other tokens - Paxos Standard and Binance USD - requires using traditional dollars at a bank in New York. "User assets at Binance are all backed 1:1 and Binance's capital structure is debt free," the person said.Īsked whether Binance had enough USDC to meet USDC withdrawal requests, the person added it may need to move funds to online "hot" digital wallets from offline wallets, convert stablecoins from one another or carry out network upgrades, sometimes causing delays.īinance said in a tweet around 1654 GMT that USDC withdrawals had resumed.Ĭrypto news outlet CoinDesk reported earlier that Binance saw outflows of $902 million on Monday.īinance said in September it would automatically convert user balances and new deposits of USD Coin and two other stablecoins into its own stablecoin, Binance USD. Some days we have net withdrawals some days we have net deposits."Ī Binance spokesperson earlier said it always had "more than enough funds" to meet withdrawal requests. The Block: Binance.US CEO is driving a pricing war among crypto exchanges In this episode of The Scoop, Binance.US President & CEO Brian Shroder examines how Binance.US is attempting to distinguish itself from the competition, including the impact cutting bitcoin trading fees had on bringing in new business. "We saw some withdrawals today (net $1.14b ish). The withdrawals were "business as usual," Binance CEO Changpeng Zhao tweeted. "Binance's withdrawals are increasing due to the growing uncertainty about its reserves report," a Nansen spokesperson said. The $1.9 billion of withdrawals of tokens based on the ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, the Nansen data showed, and accounted for the majority of the funds being pulled in the last seven days.
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