BUSD Supply Drops $2B, Tether’s USDT Market Dominance Reached New High

Key Points:

  • Tether USDT’s market domination has reached its highest point since November 2021. On the other side, the supply of Binance-backed BUSD has decreased by about $2 billion during the past 30 days.
  • The overall market capitalization of stablecoins has decreased for ten months in a row, reaching $137 billion in January. The lowest market cap stablecoins since 2021, according to the research, were also mentioned.
  • Binance’s outflows reportedly reached 25% in just two months. The study claims that its Paxos-issued stablecoin BUSD and native BNB coin were the main drivers of the flows.
According to DeFillama data, BUSD and Tether USDT’s market domination has reached its highest point since November 2021. On the other side, the supply of Binance-backed BUSD has decreased by about $2 billion during the past 30 days.

The top three stablecoins dominate almost 92% of the market, according to DeFillama data. Stablecoins like Circle’s USD Coin have a market dominance of 31.05%, whereas USDT has a market dominance of 49.18% in the cryptocurrency field. As of the time of publication, BUSD has an 11.52% market share.

According to CryptoCompare, the overall market capitalization of stablecoins has decreased for ten months in a row, reaching $137 billion in January. The lowest market cap stablecoins since 2021, according to the research, were also mentioned.

The market capitalization of USDT increased marginally by 0.82% to $66.7 billion, while that of its major competitors, USDC and BUSD, decreased by 2.27% and 3.97%, respectively, to $43.1 billion and $16.1 billion. The market capitalization of less well-known stablecoins like True USD (TUSD) and the algorithmic stablecoin TerraClassicUSD (USTC), which failed, increased by 24.5% and 13.1%, respectively, to $940 million and $225 million.

Binance-backed stablecoin has experienced a turbulent past month

As consumers withdrew their money in large quantities, these discoveries heightened the FUD surrounding the exchange. Binance’s outflows reportedly reached 25% in just two months. The study claims that its Paxos-issued stablecoin BUSD and native BNB coin were the main drivers of the flows.

Binance’s CZ claimed that the exchange has a sound balance sheet despite all the ambiguity. According to a recent CEO tweet, established financial institutions who reduced their exposure to cryptocurrencies as a result of recent crypto project failures may face “existential ramifications” in 20 years.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

17 minutes ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

24 minutes ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

48 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

2 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

4 hours ago

This website uses cookies.