Binance and Paxos-Backed Stablecoin BUSD’s Market Cap Climbs 22% in 2 Months
In mid-August, or 68 days ago, the market capitalization of the stablecoin BUSD was approximately $17.7 billion and since then, its grown 22.88% higher to today’s $21.78 billion. BUSD’s growth comes at a time when the market valuations of the top two stablecoins tether and usd coin have shed some excess weight. While Tether and Usd Coin Have Shed Billions, BUSD Climbs 22% Higher in Just Over 2 Months Before the Terra stablecoin implosion, in mid-April 2022, the dollar-pegged economy looked a whole lot different than it does today. For instance, On April 11, Bitcoin.com News....
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Since Binance announced it would auto-convert USDC, USDP and TUSD into BUSD on Sept. 6, BUSD’s share of the total stablecoin market has risen from 10.01% to 15.48%. FTX CEO Sam Bankman-Fried (SBF) said the rise of Binance stablecoin BUSD could spark the “Second Great Stablecoin War,” given how fast its market cap has surged over recent months. Bankman-Fried's recent comments come a month after Binance pushed ahead with plans to auto-convert a host of stablecoins supported on its exchange into BUSD on Sept. 6, — which has seen BUSD's share of the total stablecoin market rise since. BUSD’s....
Paxos, a regulated blockchain company, recently presented the basket of resources that back its stablecoins. Paxos Standard (PAX) and Binance USD (BUSD) are reportedly backed almost 100% by cash and cash equivalents. Dan Burstein, CCO of Paxos, harshly criticized Tether and Circle, issuers of other stablecoins, stating their products we’re not really stablecoins. Paxos Reveals Stablecoin Backing Basket Paxos, a blockchain-regulated company, revealed the basket of assets backing their issued stablecoin on Wednesday. The company, which issues Paxos Standard and Binance USD, two....
The First Digital USD (FDUSD) stablecoin has recorded a significant rise in its market cap following an announcement by the Binance exchange in August. FDUSD, a dollar-pegged stablecoin, was recently launched on June 1, 2023, debuting on the Ethereum network and the BNB Smart Chain. The token was officially listed for specific trading pairs on the crypto exchange in July. Related Reading: Binance Will Halt These 39 Liquidity Mining Pools This Week Binance’s Directive Drives Adoption Of FDUSD On August 31, Binance confirmed reports of intention to halt support for Binance USD (BUSD)....
The serial entrepreneur, payments veteran and pugnacious tweeter will focus on building Paxos' white-labeled stablecoin business.
Tether’s USDT stablecoin dominates crypto market volumes but data shows its $15.7B market cap does not negatively impact Bitcoin’s volume. Tether’s (USDT) stablecoin has been the leading base pair for cryptocurrencies for over eighteen months. This is a rather impressive feat given the ongoing court case with the New York Attorney General and the other frequent rumors that USDT is not sufficiently backed or subject to regulators' reach. USDT has also been the dominant stablecoin in China even though the country banned cryptocurrency exchanges in 2017. This is because large exchanges like....