America’s largest crypto exchange, Coinbase, has added the Binance USD (BUSD) stablecoin to its platform. That makes BUSD the eighth stablecoin offered by Coinbase, along with Tether, USD Coin, TerraUSD, Dai, Paxos Standard, Rai Reflex Index and mStable USD. The listing has been labeled by some as “strange” as Binance is Coinbase’s biggest competitor.
The love-hate relationship between Coinbase and Binance
BUSD is Binance’s stablecoin. It was created in collaboration with Paxos, which holds the reserves of the currency. It is a cryptocurrency that is linked to the value of the dollar. As we mentioned, BUSD’s listing has been labeled by some Coinbase as ‘standout’. The two exchanges are major competitors and are not averse to ridiculing each other every now and then on social media.
That competition was seen, for example, when Coinbase went public last year. Binance offered congratulations on Twitter. But the exchange also took the opportunity to describe Coinbase as the preferred exchange for Wall Street. Binance called itself the exchange for ‘all streets’.
On the other hand, Coinbase has complimented Binance on Twitter for adding the USDC coin. This is because Coinbase is the co-founder of the CENTER consurtium that created that stablecoin.
So there seems to be a kind of love-hate relationship between the two largest crypto exchanges in the world. The fact that they list each other’s projects is of course only positive.