Binance Increases USDC Holdings As BUSD’s Market Cap Slides Lower

Binance Increases USDC Holdings As BUSD’s Market Cap Slides Lower

by | Mar 4, 2023 | Binance, Market, Market News

Binance, one of the most popular cryptocurrency exchanges, and Ingenico, a leading payment processor, have joined forces to provide customers in France convenient options for making payments using digital assets. Binance Pay users will soon be able to make cryptocurrency purchases at two establishments using Ingenico's POS system: the bar La Carlie and the boutique Miss Opéra.

The release says that more than 50 different digital currencies are welcome in the scheme. At first, merchants will only accept cryptocurrency payments; however, a crypto-to-fiat solution that will allow them to accept fiat currency payments is scheduled for pilot in the second quarter of 2023.

Also Read: Binance Announces Users Can Now Buy Crypto Using Apple Pay and Google Pay

Binance plans to expand its services to additional European nations in the near future. Several European countries have given Binance their blessing, including France, Italy, Lithuania, Spain, Cyprus, Poland, and Sweden. In-store terminals don't often support cryptocurrency usage without integration. Two French retailers, Le Carlie and Miss Opéra, are going live as part of the experimental programme in France.

On February 20th, the cryptocurrency trading platform revealed that the crypto giant had introduced a paid technology platform card in Brazil in partnership with payment giant Mastercard. Bitcoin, Ether, and BUSD are just a few of the 13 cryptocurrencies that may be used with the card. It will be made accessible to all Binance users in Brazil with a valid national ID.

The new device, which is supposed to be a "all-in-one," will streamline the onboarding process for both businesses and customers. All Binance users in Brazil with a valid national ID will get access to the card, which will allow them to make purchases and pay bills using a total of 13 different cryptocurrencies.

USDC Holdings

Companies can gain a fresh perspective on the market thanks to this relationship. As the head of Binance Card and Binance Pay, Jonathan Lim, explained, "their market dominance and new payment solutions allow us to speed our access to consumers without having to construct our own terminals or software."

The company has announced that the Binance card would have a 0.9% fee for each cryptocurrency transaction, as well as up to 8% rewards with cryptocurrency and free ATM withdrawals. The company announced that its Binance card would charge 0.9% for cryptocurrency transactions, provide up to 8% cashback in cryptocurrency, and provide free ATM withdrawals.

Martin Lee, a data journalist for Nansen, reports that USDC holdings on Binance have increased week over week. Lee tweeted on Tuesday, "Interesting to watch the number of USDC on Binance climb so much since the BUSD news." Lee went on to say that in the past week, USDC on Binance increased by $1.5 billion. Unless its market capitalization falls below DAI's $5 billion, the Paxos-managed stablecoin will remain the third largest stablecoin.

Once a major player in the top ten crypto assets by market capitalization, BUSD is dangerously close to falling out of the top 10 altogether. He said that, "considering that you can't trade using USDC" on Binance, he would have anticipated a greater growth in the supply of tether (USDT) than USDC.

The Nansen analyst also pointed out that the USDC balance in Binance's main wallet is at an all-time high of $1.8 billion today, the highest level seen in the past 90 days. A total of $1.821 billion USDC is stored in Binance's wallet as of 2:00 PM (ET) on February 21, 2023. Binance stopped supporting USD Coin (USDC) trading pairs on September 5, 2022, and converted all customer USDC holdings to BUSD. As of today, the quantity of BUSD that have been taken from circulation since Paxos said it will no longer mint BUSD stands at 3.55 billion, according to reports in the news.

Also Read: Binance News: Crypto Exchange Has Good News For TRON Users

Binance stores just over 100 million Tether (USDT) in the same wallet, however Nansen's portfolio viewer only displays ERC20-based balances. Tokens worth 5.34 million DAI and 79.24 million TUSD are also stored in the Binance wallet. Two weeks after Binance's decision, Wazirx followed suit by automatically converting USDC and other stablecoin balances to BUSD.

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Will Shibarium Boost SHIB’s Price And Attract More Investors?

Will Shibarium Boost SHIB’s Price And Attract More Investors?

by | Mar 4, 2023 | Altcoin News, Meme Coin, News, Shiba Inu

Shiba Inu, backed by a dedicated community of $SHIB holders, is among the biggest altcoin investments in the cryptocurrency industry. Since its inception, Shiba Inu has released a number of innovations, including non-fungible token (NFT) compilations and decentralised transactions like ShibaSwap, but the SHIB army has been eagerly awaiting the release of Shibarium. To better grasp why the Shiba community is constructing Shibarium, let's first review the basics of layer-2s and scaling solutions.

Why the Shiba community is constructing Shibarium?

The current Shiba Inu coin is operating on the Ethereum blockchain which, although being a relatively secure and decentralised network, its main downsides are scalability issues and limited throughput. After release, it means that the other programmers will have the ability to build programs on top of it. The creators of Shibarium have released a statement saying the platform will prioritise games, the metaverse, and non-fungible tokens (NFT). As a layer-2 network, Shibarium will compete with the likes of Polygon, Arbitrum, and Optimist.

Also Read: Next Shiba Inu: New Meme Coin Sees Massive Volume on Upbit

The main goal of the Merge was to bring new token issuance methods, an improved data data processing, and novel tokenomics that will help the Ethereum chain in the long run, but this does not solve the scalability and poor throughput problems. This means that layer-2s and sidechains still play a significant role in the Ethereum world. The price of Shiba Inus has risen in recent days as eager buyers anticipate the debut of Shibarium. Some of the issues plaguing the network will be alleviated by Shibarum, a layer-2 network. These obstacles include, for example, slowness, inability to scale, and high prices.

Shibarium is a soon-to-be-released layer-2 solution with lofty goals of enhancing the Shiba Inu ecology through, among other things, facilitating instant, cheap transactions. Nonetheless, many mysteries remain concerning the dissemination and application of Shibarium. Shiba Inu has struggled ever since then to maintain that hope. Last year, the cryptocurrency market fell along with the rest of the market. The question now is whether or not a Shiba Inu could make you a fortune in the future.

Shiba Inu rose in 2021 then fell last year.

It's possible that Shiba Inu (SHIB 5.52%) was responsible for making certain people wealthy in the past. The price of the ubiquitous meme token increased by 45,000,000% in 2021. And as Shiba Inu rose, more and more buyers came to this crypto with aspirations of being rich, too. Due to investors fleeing risky assets due to economic uncertainty, it dropped 62%. Even though the economy is still struggling, Shiba Inus and other cryptocurrencies have been on the upward since the beginning of the year.

Also Read: Shytoshi Kusama Reveales New Plans For Shibarium.

Let's start with the recent amazing appearance of Shiba Inu. Shiba Inu was first released in August of 2020, and its unknown author, Ryoshi, is credited with the project. Perhaps you're wondering what makes Shiba Inu unique among the multitude of other cryptocurrencies now available. The answer is, not much. The aforementioned is the major issue with Shiba Inus. Shiba Inu has postponed the publication multiple times over the past year. Yet some sources believe Shibarium beta could come as soon as next week. A prospective release could provide Shiba Inu a relatively close boost.

According to the token's whitepaper, it was created as a "experiment in decentralised spontaneous community creation." And by that measure, it's been a huge success. Dedicated fans, known as "Sib Army," have promoted Shiba Inu everywhere online because they think the token will cause a stir in the cryptocurrency market. But there is a bit of great news ahead. Shiba Inu is poised to unveil Shibarium, a layer-2 solution that would release the cryptocurrency from some limits it experiences today on Ethereum.

Also Read: 5 Meme Coins That Are Outperforming Shiba Inu

In light of the many potential applications of blockchains, such as the development of dApps and non-fungible currencies, Shiba Inu doesn't look all that promising (NFTs). The cryptocurrency was designed primarily as a payment token based on Ethereum. Staking one's shares is another option for passive income generation for investors. With Shibarium, users will be able to create chain-specific NFTs for Shiba Inu, which will make the cryptocurrency faster and cheaper. The incorporation of Shiba Inu into video games and other virtual reality experiences will be bolstered by Shibarium.

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