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BUSD will soon be the only stablecoin on Binance

Binance to convert all stablecoins, Australia's new crypto divison, LG Electronic's NFT marketplace!

Author

Lili (QueenBao)
September 07, 2022

GM Baos. 

The merge is closing in on us and I'm not entirely sure what to expect with price action. Should I be selling now or...?

Today we cover: 

  • Binance phases out USDC

  • Australia's new crypto division

  • LG Electronics launches its own NFT marketplace

Binance phases out other stablecoins

On September 29th, Binance will convert all USDC, USDP & TUSD balances to their own stablecoin – BUSD 😳 

They mention this is an attempt to enhance liquidity and capital-efficiency for users. 

Not sure about y'all, but this feels to me like a big company taking advantage of its monopolistic position to boost usage of its stablecoin. 

It’s not as bad as it seems though. Withdrawals can still be done in USDC/USDP/TUSD.

If you have some USDC on Binance, everything will be automatically converted for you. 

Despite this power move, we must say that BUSD is a credible stablecoin. It’s backed by the US dollar as collateral and is even approved by The New York State Department of Financial Services. 

Stablecoins have had quite the year. During the hype bull market, a bunch of companies were launching their own stablecoin. It's very attractive for a company to be the standard dollar, akin to the USD.

Speaking of which – Curve will be launching one soon! 👀

So, does this move change whether or not you use Binance regularly? This would be an easy option for me if they converted my bag of UST 1:1 with BUSD 😆

Australian crypto division to focus on Money Laundering 🥴

The Australian Federal Police (AFP) has seized $600m since February 2020.  They anticipated to hit this number in 2024, so we're way ahead of schedule...

What does that mean for us Aussies?

The AFP has set up a dedicated cryptocurrency unit 😮 This new unit’s main focus is money laundering.

Crypto scams & money laundering has accelerated acutely. Not having a dedicated team to crack down on bad actors slows the AFP down. There can be a steep learning curve when it comes to crypto – how many people are actually pros at using Etherscan? Having a specialized group just makes sense.

Australia has definitely had their eyes on DeFi for while. It became clear of that last month, when they announced the world’s first token mapping exercise.

Now we're building some more rules & regulation down under. What do you think will come next?

LG electronics X Hedera

Television giant LG launches it’s very own NFT marketplace!

Imagine being able to buy NFTs straight from your tv without even having to interact with a blockchain directly. That seems almost too easy 🤪

LG chose to launch their marketplace (LG Art Lab) on Hedera’s blockchain due to the low fees, fast speed and energy efficiency 🤝

It’s currently available in the US to everyone running webOS 5.0.

Earlier in the year, Samsung announced they were creating a NFT platform. Their partnership with Nifty Gateway was the first of its kind. Paving the way for other major electronics brands to get involved with DeFi.

I love hearing about big players entering the space, especially after the Snapchat news.

Over the next few months I’m expecting to see a lot more companies take on Web3. Who do you think will be next?

Bao-sized news

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–Lili