On USDC news. Found most headlines very much misleading. My 5 cents:

1) Removing most stablecoin pairs is a good thing - liquidity doesn’t have to be split between multiple stablecoins, making market makers’ job easier and markets overall more liquid

2) this is positive for USDC (and TUSD and others) - you should still be able to deposit and withdraw USDC seamlessly to/from binance. Before this change you would need to convert it to BUSD/USDT and then use it to trade margined perps

Now you can skip the conversion step both ways (for BUSD margined products). It’s better customer journey all while keeping USDC useful (I’d even argue more useful)

3) the one stablecoin that is clearly not part of this is USDT. Perception wise it won’t help (customers will keep wondering what makes tether so “special” that they need to bother with conversion). And in the long run liquidity in non-USDT pairs will increase

Ultimately until tether improves their operational efficiency (minting/burning is a T+1 process, unlike almost instant in case of USDC/BUSD/TUSD) and mint/redeem cost, it will continue losing ground.

Former is very likely out of tether’s control - Silvergate and Signature are unlikely to serve tether (because USA regulators hate it) and these two banks are where 24/7 USD fiat flows the most

As for the latter - any MM can mint/redeem BUSD vs USDC within seconds - we don’t need Binance for this. Now that little MM trick is available for everyone. FTX has been doing the same for ages (being ahead of the curve with that particular customer journey)

4) To sum up: it’s not USDC “delisting”, it’s another big step towards tether losing ground to US-native stablecoins