That binance stablecoin USD/USD surpassed the $20 billion market cap on Saturday. It ranks sixth in the overall crypto market and third among stablecoins by market cap.
#binance stablecoin $BUSD has exceeded a market capitalization of 20 billion US dollars.
— Watcher.Guru (@WatcherGuru) September 10, 2022
In the last three years since its inception, BUSD has become one of the fastest growing cryptocurrencies on the market, growing from $1 billion to $20 billion.
BUSD offers a variety of utilities from trading to lending to payment while expanding its use cases with a variety of partners.
Also read: Why Binance CEO Zhao says this is the right time to invest in crypto
Currently, around four million BUSD holders (number of on-chain addresses as of September 1st) prefer BUSD for its strict compliance standards and low transaction fees.
BUSD’s availability on multiple blockchains across the crypto ecosystem has contributed to BUSD’s growing market cap. After issuance on the Ethereum ETH/USD and BNB blockchains, BUSD will soon be available on Avalanche, Polygon, Tron and other blockchains.
Last week, binance announced that it would convert all USDC stablecoins to its Binance USD stablecoin brand, along with smaller stablecoins Pax Dollar and True USD.
The company said the move improved liquidity and capital efficiency for users.
From September 29th, users will be able to trade with a consolidated Binance USD balance on the Binance platform.
