BUSD Drama Sets Stage for Stablecoin Market Reshuffle

. According to Kaiko researcher Conor Ryder USDT will likely be the short-term winner as market makers and perhaps even Binance itself tap that as the trader favorite over BUSD.

“It’s very possible that after all the exchange fear from last year that holders of stablecoins have moved away from CEXs,” said Ryder. He said another downward force has been market makers reducing stablecoin liquidity since the start of 2023. No one has lost more than Binance, however. Its on-exchange stablecoin trove has shrunk by $1.5 billion in the past seven days. That this figure only represents an 8% decrease is a testament to how much larger Binance is than everyone else.

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