Adding BUSD to Crypto.com
The Crypto.com platform is well known to users for its banking offers, but also for its cryptocurrency exchange service.
Among the hundreds of crypto-currencies and stablecoins available, the exchange now offers the Binance USD (BUSD). With a market capitalization of $18 billion, the BUSD rises to third place in the stablecoin rankings. Until last week, the third place on the podium was occupied by UST, the recently collapsed Terra (LUNA) blockchain stablecoin.
https://t.co/A7lhUEyVZW Exchange lists Binance USD $BUSD.
Sign Up 👉https://t.co/GBTPzwVBuy pic.twitter.com/XRfBW8lUGW
— Crypto.com Institutional (@Cryptocom_Insto) May 17, 2022
BUSD is a centralized digital asset from the competing exchange Binance, the value of which is pegged to the dollar rate. It is also important to notify that it is approved by the New York State Department of Financial Services (NYDFS).
Obtaining this cryptocurrency on the platform is done by the pair BUSD/USDT. Since USDT itself is a dollar-pegged stablecoin, the exchange within the pair has a quota of 1 BUSD for 1 USDT.
👉 Find our presentation of Crypto.com
A recent mistrust of stablecoins
In view of the latest news about the Terra ecosystem (LUNA) and its UST stablecointhe trust placed by the Crypto.com platform in a competing token can be seen as an implicit endorsement of the robustness of BUSD.
Other stablecoins have seen price changes despite a promise of stability induced by their indexation to dollar reserves. This unexpected volatility has created mistrust among investors.
A distrust which could therefore push platforms to list tokens from competing platforms, and which also reflects uncertainty with regard to the Tether (USDT), the current leader of stablecoins. It will now be necessary to observe the impact of this instability on the crypto ecosystem in the days and weeks that will follow.
👉 Read – Binance Delists LUNA/USDT Futures Contract and Launches LUNA/BUSD Pair
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