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.
Tether and the Usd Coin have lost billions of dollars, while BUSD grows 22% in 2 months
In mid-April 2022 before the Terra stablecoin collapse, there was a different dollar-pegged currency than today. Bitcoin.com News published an April 11 report on how the stablecoin market was approaching $200 billion for the first-time in its 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.
USDC began seeing its market valuation fall, with USDC losing $6.7B in just 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. A few smaller stablecoin markets fell below $0.99-$1 parity on some 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.
The BUSD stablecoin is among the three that are located in the top 10 crypto market capitalization rankings. BUSD is currently the seventh most valuable crypto asset among more than 13,000.
Binance’s stablecoin BUSD, issued by Paxos, has published attestation reports issued monthly on the Paxos website. Independent third-party accounting firm WithumSmith+Brown attests the statements.
BUSD was traded at a little over $440K in September 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? Please comment below to let us know your thoughts on this topic.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.