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

Cointelegraph

Published Nov 16, 2022 01:21AM ET

Updated Nov 16, 2022 03:20AM ET

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, crypto exchange Binance announced it will auto-convert USDC to its own stablecoin Binance USD (BUSD), last week saw the collapse of FTX.

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