BUSD market capitalization rises by almost 10% for the month

The stablecoin of the Binance crypto exchange has passed the $21 billion mark

07.10.2022 - 11:50

284

1 min

What’s new? On October 7, the capitalization of the stablecoin of the Binance crypto exchange, BUSD, reached $21,6 billion. According to CoinMarketCap, this figure increased by 9,64% over the past month. This is probably due to the fact that since the end of September the exchange began to automatically convert all USDC, USDP, and TUSD stablecoin deposits into BUSD. Binance Coin (BNB) token also showed an increase of 8,36% over the same period. As of 11:00 UTC, BNB is trading at $2843, down by 3,27% per day. The asset has a capitalization of $45,81 billion.

CoinMarketCap’s data

What happened earlier? Also on October 7, the BNB Chain network, developed by Binance, was attacked by hackers. They managed to withdraw more than $100 million in cryptocurrency. Representatives of the platform have already frozen about $7 million of the stolen funds. The attackers hacked the BSC Token Hub cross-chain bridge, which provides token transfers between BNB Beacon Chain and BNB Smart Chain networks.

In early October, Binance CEO Changpeng Zhao criticized the centralized stablecoin Tether (USDT). He noted that the exchange does not automatically convert the asset into BUSD because it doubts the reliability of its peg to the US dollar.

Author: