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 reported on the stablecoin market nearing the $200 billion mark for the first time in history.
That day on Monday, April 11, 2022, the stablecoin economy was worth approximately $190.1 billion, and today it’s worth roughly $146.81 billion. The slide downward all started after Terra’s UST depegging event in May, when Bitcoin.com News reported on the largest stablecoin asset tether (USDT) shedding $12 billion from its market cap.
In September, USDC started to see its market valuation deflate, losing $6.7 billion in 83 days. USDC’s market cap has reduced even more so during the last month, as roughly 12.2% has been erased in 30 days. Moreover, a few of the smaller stablecoin markets have slid well below the $0.99 to $1 parity on a few occasions in 2022.
Binance’s stablecoin issued in partnership with Paxos Trust Company, BUSD, has done the opposite, as the stablecoin has managed to increase by 22.88% or $4.05 billion higher since August 14, 2022. Since January 1, 2022, the stablecoin token backed 1:1 with U.S. dollars held in reserve, jumped 50.31% from $14.47 billion to today’s $21.78 billion.
BUSD is one of three stablecoins that happens to be situated in the top ten crypto market capitalization positions. At the time of writing, BUSD holds the seventh largest market valuation out of more than 13,000 listed crypto assets today.
Binance’s stablecoin BUSD, issued by Paxos, has published attestation reports issued monthly on the Paxos website. The attestations are written by the independent third-party accounting firm WithumSmith+Brown.
Three years ago, BUSD had a market cap just over the $440K mark on September 27, 2019. Since that day, BUSD’s market valuation has swelled by 4,946,036% in 1,120 days. For comparison, tether’s market cap jumped 1,823% and usd coin’s valuation jumped 10,177% in the same 1,120 days.
What do you think about BUSD’s growth while other stablecoins have shed excess weight in the last few months? Let us know what you think about this subject in the comments section below.
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Source: https://news.bitcoin.com/binance-and-paxos-backed-stablecoin-busds-market-cap-climbs-22-in-2-months/