Today, on July 16, 2021, Binance USD (BUSD), a U.S. Dollar-pegged stablecoin by world-leading centralized cryptocurrency exchange Binance, reached $10 billion in market capitalization.
Binance's stablecoin accomplishes $10 billion market capitalization
According to the official announcement shared by Binance in its social media channels and official website, its flagship stablecoin, Binance USD, sees its market capitalization in 11-digit waters.
As of July 2021, Binance USD (BUSD) has a broad user base: 1,100,000 crypto enthusiasts have BUSD coins in their portfolios. With such massive adoption, Binance USD (BUSD) surpasses UNI, a core native asset of leading Ether-based DEX Uniswap, and is now ranked a top 10 digital asset.
BUSD is a regulatory-compliant stablecoin issued by Paxos and approved by the New York State Department of Financial Services (NYDFS).
Binance USD (BUSD) is the third largest stablecoin surpassed only by USD Coin (USDC) by Circle Inc. and U.S. Dollar Tether (USDT) by iFinex's Tether Limited.
Rise and rise of Binance USD (BUSD): From $1 billion to $10 billion in six months
In its celebration announcement, the Binance (BNB) team attributed this adoption progress to the reliability and high accessibility of Binance USD (BUSD):
Users chose BUSD for a combination of reasons, including the stablecoin’s strict compliance standards, wide range of use-cases and support for a diverse set of yield products.
The Binance (BNB) team also shared the history of BUSD's impressive growth. Sixteen months ago, prior to Black Friday in Crypto, BUSD market capitalization was one percent of present figures.
Binance USD (BUSD) was introduced in mid-July 2019. Four months later, it was approved by the New York State Department of Financial Services (NYDFS).