The Wisdom of Supporting USDT on Binance
According to the news, Gabor Gurbacs, director of digital asset strategy of VanEck, an investment management company in New York, said on social media that som…
According to the news, Gabor Gurbacs, director of digital asset strategy of VanEck, an investment management company in New York, said on social media that some of the most liquid currency pairs (excluding Binance. US) on Binance were traded in the form of USDT. It is wise for CZ to support USDT. Compared with the stable currency issued by the United States, Tether’s attention to emerging markets may be considered less risky by global Binance users. A win-win situation for Binance users. The regulatory situation of cryptocurrency business in the United States is chaotic, unfriendly and unreliable. No wonder people, companies and exchanges will stay away from American products. Not long ago, owning/using American products was a pride, but today it is more like a responsibility.
VanEck Digital Asset Strategy Director: The regulatory situation of cryptocurrency in the United States is chaotic
Interpret the above information:
The message highlights the importance of supporting USDT on Binance by the CEO, Changpeng Zhao (CZ), to attract more global users. Gabor Gurbacs, director of digital asset strategy of VanEck, points out that most of the liquid currency pairs on Binance, except Binance US, are traded in the form of USDT, rather than the stable currency issued by the United States. This preference for USDT can be attributed to Tether’s focus on emerging markets, which is perceived as less risky than American stablecoins due to the unpredictable and unfriendly regulatory environment in the US.
The message suggests that supporting USDT is a win-win situation for Binance users, as it offers more stability and security in trading. CZ’s decision to support USDT could potentially attract more global users and enhance the user experience on Binance. Meanwhile, USDT’s focus on emerging markets demonstrates its commitment to providing a reliable and accessible stablecoin for users in regions that lack access to traditional banking services.
The message also highlights the current regulatory situation of cryptocurrency business in the United States, which is described as chaotic, unfriendly and unreliable. This perception may deter people, companies and exchanges from using American stablecoins and other products, and tarnish the image of American cryptocurrency companies. Owning and using American products was once a pride, but now it may be seen as more of a responsibility, given the mounting challenges facing the industry.
Overall, the message advocates for the wisdom of supporting USDT on Binance, particularly for attracting more global users and benefiting from the stability and accessibility offered by USDT. This perspective also sheds light on the broader regulatory and market forces that shape the cryptocurrency landscape and influence the adoption of stablecoins and other digital assets.
In summary, the key takeaways from the message are: 1) USDT is widely used on Binance and offers stability and security in trading; 2) supporting USDT is a win-win situation for Binance and its users, particularly for accessing emerging markets; 3) the regulatory situation in the US is perceived as unfavorable, which may impact the adoption of American stablecoins and other products.
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