BUSD is beginning to reap the benefits of the aggressive move embarked on by Binance. In September, Binance announced it was delisting several stablecoins, including Circle’s USDC.
The move was aimed at increasing the utility and supply of Binance’s stablecoin. The move has paid off, as the supply of BUSD has crossed $20 billion for the first time ever.
In the last two months, the market cap of BUSD has spiked by 22% in the predominantly bearish market. At the start of the year BUSD’s market cap fell under $14 billion, but now stands at $21.63 billion.
The year-to-date market cap of Binance USD (BUSD). Source: CoinMarketCap
Not only has the market cap of BUSD spiked, its stablecoin market share has also reached 15.48% of the overall $140 billion total market supply. Additionally, BUSD has achieved 22% of the stablecoin trade dominance.
According to Sam Bankman Fried, CEO of FTX, the change in supply is due to Binance’s aggressive move and marks the beginning of the “Second Great Stablecoin War.”
As stablecoins become a crucial component of the cryptocurrency market, Binance wants its BUSD to be bigger than its two leading competitors, USDT and USDC.
The delisting of stablecoins by Binance is covered in:
Binance To Delist USD Coin (USDC), And Convert USDP, TUSD Into Binance USD (BUSD)
Read about the expansion of USDC below:
Circle Introduces Cross-Chain Protocol to Launch USDC Stablecoin on Five New Blockchains
See original on DailyCoin
Source: Cryptocurrency - investing.com
