With some $20 billion in average daily volume over the past month, the Binance exchange is roughly eight times larger than its nearest competitor, FTX, in terms of transactions, according to Coinranking. Thus, its announcement stirred some controversy at first, interpreted as the exchange’s attempt to use its heft to prop up its own $19 billion stablecoin and simultaneously favoring Tether’s USDT, the largest stablecoin, worth $67 billion, over its challenger, the $52 billion USDC.
