Binance USD (BUSD) To Spark The Second Great Stablecoin War With USDT — FTX CEO

Stablecoins, which are often referred to as the backbone of the industry, may soon experience a “second great stablecoin war” fought by market leader USD Tether (USDT) and fast-rising Binance USD (BUSD).

Timeline of Binance-usd, Tether

The aim behind stablecoins development was to provide stability over the highly volatile nature of crypto assets. This means that stablecoins hedge your funds against the impact of macroeconomic factors like inflation.

FTX CEO Sam Bankman-Fried has a prediction for the crypto markets as he says a “stablecoin war” is starting to unfold. The billionaire says crypto exchange Binance's recent conversion of Circle's USD Coin (USDC) to its own Binance USD (BUSD) signaled a new battle between the top stablecoins in the industry.

The top four stablecoins — USDT, USDC, BUSD and DAI — recorded exponential growth throughout 2021 and the first three months of 2022, reaching a peak market cap of $160 billion. The post Research: Top 4 stablecoins gaining market dominance despite stagnant growth since May appeared first on CryptoSlate.

Binance USD (BUSD) market cap has been on the rise in the last 30 days thanks to its parent company's move to convert deposits of USDC, TUSD, and USDP into it for settlements on the exchange The post BUSD Supply Crosses $20B, Cuts Into USDC Market Share appeared first on BeInCrypto.

Tether has announced that starting November 3, 2022, and its USDT stablecoin will become available throughout Brazil in more than 24,000 automated teller machines (ATMs) operated by fintech company SmartPay.

USDT will be available in 24,000 ATMs in Brazil from Nov. 3 to enable conversion from USDT to Brazilian reals and vice versa. The post Brazil Now Allows You to Transact in Tether Through 24,000 ATMs appeared first on BeInCrypto.

USDT stablecoins will be available at more than 24,000 ATMs in Brazil starting next month. The post Tether stablecoins to expand to 24,000 ATMs in Brazil next month appeared first on The Block.

Stablecoin issuer Tether announced that local crypto services provider SmartPay will launch USDT tokens in over 24,000 ATMs across Brazil starting Nov. 3. Brazil still has 34 million unbanked individuals, or those who do not have a bank account or do not use it often, according to a survey by the Instituto Locomotiva conducted in January 2021.

U.S. federal prosecutors have alleged that five Russian nationals laundered tens of millions of dollars in cryptocurrencies for Russian oligarchs and sanctioned entities. What Happened: The accused have been identified as Yury Orekhov, Artem Uss, Svetlana Kuzurgasheva, Timofey Telegin and Sergey Tulyakov.

The Department of Justice has hit an alleged criminal ring for violating sanctions through the use of shell companies and cryptocurrencies to launder Venezuelan oil sale profits and purchase equipment for the Russian military.  The post U.S. authorities indict alleged money laundering ring that sold Venezuelan oil for USDT appeared first on The Block.