Binance CEO Proposal for New Stablecoins
Hello friends, recently the CEO of Binance made a proposal to create safer alternatives for stablecoins and also his point of view on the transparency and support of Tether (USDT).
Issues with existing stable coins |
|---|
The Binance CEO has mentioned that there are problems with the supporting evidence of some stable coins, such as Tether (USDT). There are no audit reports available for USDT, leading to a lack of transparency in its support. Unlike the US dollar, which is backed by the government and its economic might, USDT has no clear backing.
Binance proposal for new stable coins |
|---|
The Binance CEO has announced plans to create new, smaller algorithmic stablecoins as potential substitutes for USDT. These new currencies would be specialized in different countries, sectors or specific niches. The goal is to decentralize the power and risk associated with a single stablecoin.
Binance recently launched First Digital USD in Hong Kong, targeting the Asian part of the market. So he also plans to create another stablecoin in Europe, encompassing larger markets and moving away from US regulatory scrutiny.
On the other hand, the New York Department of Financial Services terminated the agreement between Tether and Binance to mint the stable coin BUSD. This is due to regulations stating that Binance cannot have ties to the United States. There is speculation about a possible regulatory influence by the United States to limit the use of Tether.
Therefore, Binance requested the dismissal of a judgment that was presented to it, equivalent to one billion dollars. The lawsuit alleged that Binance was involved in the sale of unregistered securities, conflict of interest, and fraud.
In conclusion |
|---|
It can be concluded that the new algorithmic cryptocurrencies proposed by the CEO of Binance could offer a more transparent and decentralized solution compared to existing stable coins, so it is important to have clear support and availability of audit reports to guarantee trust in these stablecoins.
| Main source of information |
|---|
.png) | .png) |
|---|
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
You've got a free upvote from witness fuli.
Peace & Love!
Link Twitter:
https://twitter.com/joel_jai1/status/1686654752409653249
Dear @joeljaimes1982 ,
We appreciate your active participation and contributions to our community. To ensure a positive environment for all members, we have implemented a set of guidelines to maintain respectful and constructive discussions while upholding community guidelines.
The news explanation you have given is very shallow and of low quality.
Please whenever you are giving a cryptocurrency news, try to more detailed with your write-up
Now Engage, Connect, and Inspire Each Other to Reach New heights.
Thank You.