A stablecoin created by the world’s largest crypto marketplace just got a surprise listing from Coinbase.
The leading US-based cryptocurrency exchange says that Binance USD (BUSD) trading pairs will be available on Coinbase Pro paired once appropriate liquidity conditions are met for Tether (USDT) and USD.
Coinbase specifies that BUSD will function as an ERC-20 token on the Ethereum (ETH) network, not the altcoin’s native Binance Chain (BSC), adding the warning,
“Do not send this asset over 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 cap exceeding $17.4 billion.
Recently TerraUSD (UST), a competing stablecoin created by the Terra (LUNA) project, flipped BUSD and is ranked 13th with a market cap of $18.4 billion.
However, the Binance USD trading volume of $4.84 billion over the past 24 hours dwarfs that of TerraUSD by nearly a factor of five. UST’s trading volume was $1.01 billion during the same time frame.
Coinbase also announced that the privacy and scalability token Oasis Network (ROSE) is now live across its entire platform, including the 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 among layer-1 protocols as well as increase data transfer speed and efficiency.
The project’s native utility token ROSE can be used for staking, delegation and covering the cost of network transaction fees.
News of the initial Coinbase listing sent Oasis Network vertical, jumping by 20% from $0.20 to $0.24 before correcting down to as low as $0.21.
ROSE briefly recaptured $0.23 earlier today but has since fallen by a cent back into the $0.22 range.
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Featured Image: Shutterstock/Ocelia_MG