Binance USD (BUSD) Is Winning the “Second Great Stablecoin War”
Binance USD (BUSD), the stablecoin issued by the world’s largest cryptocurrency exchange, has seen its market capitalization surge over the last few months amidst what is now referred to as the “Second Great Stablecoin War.”
BUSD Market Cap Surges
Binance’s aggressive move is beginning to show its benefits to the BUSD. 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 paid off, as the supply for BUSD has now surpassed $20 Billion for the first time in history.
The market cap of BUSD has risen by 22% over the past two months in a 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 Binance USD (BUSD) market cap for the year. Source: CoinMarketCap
BUSD claims a higher Stablecoin Market share
BUSD’s market cap has risen to $140 billion. Its stablecoin market share also reached 15.48% of the total $140 billion market supply. BUSD also holds 22% of 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.”
- Circle has plans to launch USDC on five additional blockchains following Binance’s delisting. This will increase the adoption of the stablecoin.
Why you should care
Binance wants its BUSD greater than its two major competitors, USDT, and USDC, as stablecoins become an integral part of the cryptocurrency marketplace.
Binance’s delisting stablecoins is covered in:
Binance To Delist USDC, and Convert USDP Into TUSD (BUSD).
Learn more about USDC’s expansion below.
Circle Launches Cross-Chain Protocol for USDC Stablecoin On Five New Blockchains