Capitalization of the BUSD stablecoin exceeds the $20 billion mark
The daily trading volume of the asset amounted to 13,1 billion dollars
13.09.2022 - 14:55
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What’s new? On September 13, the market capitalization of the stablecoin of the cryptocurrency exchange Binance, Binance USD (BUSD), exceeded $20 billion, the daily trading volume amounted to 13,1 billion. The price of the asset has been relatively stable since January 2021, as of 14:10 UTC, it is trading at $0,99, according to Binance.
Information on Binance's website
How did the price of BUSD change? The asset deviated significantly from the dollar several times. On May 10, 2020, the BUSD price fell to $0,93 amid a major drop in the crypto market. On January 5, 2021, the market value of the stablecoin dropped to $0,98, but then also returned to the target mark. However, on February 28, 2021 and July 1, 2022, the value of the asset reached $1,01.
BUSD is ranked third in the stablecoin ranking with a capitalization of $20,1 billion, according to CoinGecko. However, it lags far behind Tether (USDT) and USD Coin (USDC).
What is known about the stablecoin? It is a regulated, fiat-backed stablecoin with a peg to the US dollar. There is one reserve dollar for every BUSD unit. The stablecoin was created in a collaboration between Paxos and Binance in 2019. Paxos, the issuer of the token, audits the BUSD stock every month.
On September 5, Binance announced that it would begin automatically converting USDC, USDP and TUSD stablecoin deposits to BUSD at a 1:1 ratio. The company says the move will improve liquidity and capital efficiency for the platform's customers. Earlier, the media reported that the exchange gave up fees to attract new customers. Thus, fees for trading in the pair ETH/BUSD were temporarily canceled. Since July 8, the platform has introduced zero fees for spot trading in bitcoin in 13 currency pairs, including BUSD.
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