Stablecoin market cap has stagnated over the last 3 months since Luna/ Terra collapse.
USDC has lost 8B this year and BUSD gains some recently with Binance new stable coin policy called Auto-Convert to BUSD.
After the Luna/ Terra incident, most of platforms and protocols are more careful on the stablecoin approach while SEC is setting stronger and clear direction on stablecoin and platforms.
Now, we are at the intermidiate stage of the journey for stablecoin.
As SEC and major countries' direction become more clear, stablecoin marketcap and the usage would be set clearly.
Binance may have the intention to avoid any potentioal stablecoin issue that SEC or any authority could attack just with a few piece of mistakes.
And it may want to expand its dominance on stablecoin territory that is pre-action to prepare upcoming popular crypto world.
But still many things are not clear and vulnerable. Everything is mixed and going altogether.