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Binance Stablecoin Hits $20B Market Cap Milestone, Exchange To Delist USDC Stablecoin Soon

Published 10/09/2022, 19:17
Updated 10/09/2022, 20:10
© Reuters. Binance Stablecoin Hits $20B Market Cap Milestone, Exchange To Delist USDC Stablecoin Soon
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The Binance Stablecoin (CRYPTO: BUSD) on Saturday surpassed the $20 billion market cap. In the overall crypto market, it stands at the sixth position and third among stablecoins by the market cap.

Over the last three years since its inception, BUSD has become one of the fastest-growing cryptocurrencies in the market and has grown from $1 billion to $20 billion.

BUSD features a variety of utilities, from trading to lending and payment, while also building out 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 1) prefer BUSD for its strict compliance standards and low transaction fees.

The availability of BUSD on multiple blockchains across the crypto ecosystem has contributed to the growing market cap of BUSD. After issuing on the Ethereum (CRYPTO: ETH) 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 along with smaller stablecoins Pax Dollar and True USD into its brand of stablecoin, Binance USD.

The company has said that this move enhanced liquidity and capital efficiency for users.

Starting on Sept. 29, users can trade with a consolidated Binance USD balance on the Binance Platform.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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