Coinbase Lists Binance USD (BUSD) While Adding Support For Privacy-Centric Ethereum Competitor Across All Platforms
A stablecoin created by the world’s largest crypto exchange has just received a surprise listing from Coinbase.
The first US-based cryptocurrency exchange said that Binance USD (BUSD) trading pairs will be available on Coinbase Pro paired once the appropriate liquidity conditions are met for Tether (USDT) and USD.
Coinbase clarifies that BUSD will function as an ERC-20 token on the Ethereum (ETH) network, not the altcoin’s native Binance (BSC) chain, adding the caveat,
“Do not send this asset to other networks or your funds may be lost.”
BUSD was launched in 2019 by Binance and Paxos, and is currently the 14th largest crypto asset, holding a market capitalization exceeding $17.4 billion.
Recently, TerraUSD (UST), a competing stablecoin created by the Terra (LUNA) project, toppled BUSD and is ranked 13th with a market capitalization of $18.4 billion.
However, Binance USD’s trading volume of $4.84 billion in the past 24 hours eclipses that of TerraUSD by almost a factor of five. UST’s trading volume was $1.01 billion during the same period.
Coinbase too announcement that the Oasis Network Privacy and Scalability Token (ROSE) is now available across its entire platform, including iOS and Android apps. Yesterday, ROSE was made available for trading only on Coinbase Pro.
The Oasis ecosystem is a mid-cap Ethereum competitor that bills itself as the first blockchain network to support confidential smart contracts.
Oasis also seeks to reduce the high transaction costs common to Layer 1 protocols as well as increase the speed and efficiency of data transfer.
The project’s native ROSE utility token can be used for staking, delegation, and hedging the cost of network transaction fees.
News of Coinbase’s initial listing sent Oasis Network vertically, jumping 20% from $0.20 to $0.24 before correcting to $0.21.
ROSE briefly recovered $0.23 earlier in the day, but has since fallen one cent into the $0.22 range.
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