USDC, issued by Circle Internet Financial, is the second-ranked stablecoin after Tether, with a market value of nearly $52-billion, according to data from CoinGecko. Binance’s stablecoin, BUSD, is a distant third at around $19.3-billion.
He added that users likely won’t be left “materially out of pocket” since the stablecoins involved are all intended to be pegged to the dollar. However, the conversion may annoy users wishing to use their third-party stablecoins like USDC on applications which specifically support them, like for yield generation on a decentralised protocol, Rooke said.
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