Binance’s USD stablecoin, BUSD, has surpassed $1 billion in purchase volume, chipping away at a segment in the cryptocurrency market that still dominated by Tether’s TUSD. The token hits this milestone just 260 days after it was originally launched back in September 2019.
Binance has boosted its stablecoin’s dominance by widening its use cases which now include trading in exchanges, crypto wallets, decentralized finance (DeFi) protocols, payment and fiat gateways, etc.
“It’s been nine months since we launched BUSD. We’ve seen tremendous growth in terms of issuance, reach and use cases for this stablecoin. Several observers have pointed out that BUSD has grown its utility due to several factors, including increased traction in several countries such as Brazil, as well as the growing role of stablecoins in simplifying payments worldwide,” said Binance.
While BUSD at launch was traded almost exclusively on the Binance exchange, the token is now supported/listed on nearly 24 exchanges. As for its market cap, Binance said BUSD’s market capitalization has grown rapidly in just nine months. While growth started at less than $20 million in 2019, capitalization of the token that runs on top of the Ethereum blockchain stands currently at $165 million, as per crypto data aggregator Coinmarketcap.
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