Total Supply And Market Share Of Binance USD Hit ATH

Both the total supply and market share of Binance USD (BUSD) in the stablecoin segment have set new highs in recent times.

Total Supply And Market Share Of Binance USD Hit ATH 4

According to data from CoinMarrketCap, the capitalization of BUSD since the end of September 2022 has crossed the $20 billion threshold for the first time in history and is currently stabilizing around the $21.6 billion mark.

This is a continuation of the continuous increase in the total supply of stablecoins backed by the world’s largest cryptocurrency exchange Binance.

BUSD market cap. Source: CoinMarketCap

According to The Block data dashboard, BUSD has increased its market share to its greatest level ever, accounting for 15.48% of the stablecoin market’s total supply of $140 billion. The crypto market’s share of trade volume by pair denomination is 22%.

Meanwhile, the overall supply of BUSD is slightly under $22 billion, up more than $6 billion since the start of the year.

Source: The Block

In September, Binance, the exchange that is the largest in the world in terms of cryptocurrency volumes, said it would convert existing balances and new deposits of stablecoins USDC, USDP, and TUSD to its stablecoin, BUSD.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.