Coinbase's announcement coincided with a series of problems with its competitor's own stablecoin, the Binance exchange.
The US Securities and Exchange Commission (SEC) banned Paxos, the issuer of the stablecoin Binance Coin (BUSD), from issuing new coins, which created a noticeable resonance in the market due to the fact that BUSD was one of the three largest stablecoins, the rate of which is pegged to the price of the US dollar.

In a number of publications and interviews with business publications, both the head of Binance, Changpeng Zhao, and other representatives of the largest crypto exchange, hastened to report that what was happening led to the final severance of relations with the Paxos company, BUSD itself should be perceived exclusively as its product, and the exchange is already looking for a replacement for “its own » stablecoin among those on the market.
Coinbase's announcement coincided with a series of problems with its competitor's own stablecoin, the Binance exchange. The US Securities and Exchange Commission (SEC) banned Paxos, the issuer of the stablecoin Binance Coin (BUSD), from issuing new coins, which created a noticeable resonance in the market due to the fact that BUSD was one of the three largest stablecoins, the rate of which is pegged to the price of the US dollar.

In a number of publications and interviews with business publications, both the head of Binance, Changpeng Zhao, and other representatives of the largest crypto exchange, hastened to report that what was happening led to the final severance of relations with the Paxos company, BUSD itself should be perceived exclusively as its product, and the exchange is already looking for a replacement for “its own » stablecoin among those on the market.