Rising Interest Rates Fuel Stablecoin War as Binance Advances on Rivals

The battle for the stablecoin market intensifies as interest rates continue to rise and the biggest players jostle for market share.

Binance, the world’s largest crypto exchange, said it will automatically convert user deposits from several rival stablecoins into its own stablecoin, Binance USD, starting this month. Analysts say Binance’s move could intensify rivalries between larger stablecoin players, such as Tether and Circle, and generate additional revenue for Binance as its stablecoin’s market capitalization grows.


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