Binance USD (BUSD) Turns into Considered one of Prime 10 Cryptos, Market Capitalization Surpasses $ 11 Billion – Ethereum World Information
- Binance USD (BUSD) is now in 10th place on Coinmarketcap
- Binance USD’s market cap has exceeded $ 11 billion
- There are now three stablecoins in the top 10 rankings by market capitalization
- Using Binance USD in DeFi is gaining popularity
The stablecoin Binance USD (BUSD) is now one of the top 10 digital assets on Coinmarketcap.
Binance USD now has a total market cap of $ 11.198 billion, as highlighted in the screenshot below, courtesy of the tracking website.
3 stablecoins are now in the top 10
The screenshot above shows that there are currently three stablecoins in the top 10 rankings by market capitalization. These include Tether (USDT), USD Coin (USDC) and Binance USD (BUSD).
Binance USD’s market cap has grown from $ 1 billion to $ 10 billion in less than 6 months
Binance USD (BUSD) entry into the top 10 rankings was also captured by the Binance team in a recent blog post that indicated that the market capitalization rose from $ 30 million to $ 1 billion in early 2020. Dollar rose by the end of the same year. Additionally, Binance USD’s market cap rose from $ 1 billion to $ 10 billion in less than six months in 2021.
Binance USD’s growth has been visualized in the graph below, courtesy of the Binance team.
Binance USD is gradually taking the lead at DeFi
The popularity and growth of Binance USD can be attributed to several factors.
First off, the Binance Smart Chain’s low transaction fees make it the preferred stablecoin in the BSC ecosystem, especially DeFi.
Second, each BUSD is pegged to one US dollar at a 1: 1 ratio. In addition, all USD reserves that support Binance USD are held in a 1: 1 ratio at FDIC-insured banks in the USA and can be repaid at any time.
Third, Binance USD has been approved by the New York State Department of Financial Services (NYDFS) and is issued by Paxos. The stablecoin was also put on the “Green List” by the same NYDFs, making it a pre-approved asset for custody and trading by any of the virtual currency licensees issued by the NYDFS.