Oct. 25, 2022: The Stablecoin Shakeup
With inflows flat, top stablecoins wrestle for market position.
Throwing shade SBF may be the “Current Thing” among the crypto set, but he raises a fair point about the Second Great Stablecoin War.
1) Binance converts USDC --> BUSD, and we see the change in supplies.
Thus begins the Second Great Stablecoin War. (The first one, fought in ~2018, ended with USDC and USDT edging out TUSD/GUSD/USDP.)
Frank Chaparro @fintechfrank
One might incorrectly assume a bear market should be a boring time for stablecoins. After all, the several year trend of money flowing unidirectionally into stablecoins slowed to a trickle this year. Other than May’s heavy outflow, 2022 has been stagnant for the market.
Without new money, the only way to gain market share is to eat other stablecoins. How are the top 5 stablecoins playing the game in the bera?