Circle marks a possible $3B loss from Binance stablecoin conversions

November 16, 2022

Circle attributed its miscalculated financial projections to Binance implementing USDC to BUSD auto-conversions and the recent collapse of FTX. Circle, the company behind the issuance of USDC Coin (USDC) said recent events have caused it to miscalculate its financial projections — referring to the collapse of FTX and a decision by rival exchange Binance. In September,…
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