⚔️ Did CZ lose the stablecoin war?  

📌 September 5, 2022 - Binance will automatically convert all USDC, USDP, TUSD balances to BUSD. In fact, the world's largest exchange is getting rid of one of USDC's biggest competitors in favor of BUSD.

📌 October 24, 2022 - Sam Bankman-Fried called the USDC to BUSD conversion the Second Great Stablecoin War.

📌 October 27, 2022 - FTX is working on launching its own stablecoin (then the exchange fizzled, so it doesn't matter anymore).

📌⚡️ Today, it appears that in the fall of 2022 (when CZ decided to phase out USDC), USDC issuer Circle reported to the New York City Department of Financial Services (NYDFS) that Binance did not have enough reserves to back BUSD issued by Paxos.

📌 Well, then the events are known to everyone. CZ humbly says yes - BUSD closes.

It all looks like CZ outplayed Sam, but the stablecoin war failed to match Coinbase/Circle.