world’s largest cryptocurrency exchange Binance’s native stablecoin BUSDcontinues to gain market share from its competitors in recent weeks.
While the crypto markets are down, the competition in the stablecoin market continues at full speed. BUSD equaled the market share record last Friday.
According to data from The Block Binance USD Its share against the entire stablecoin market has exceeded 15%. Thus, the weight of BUSD in the $140 billion stablecoin industry rose above $20 billion. While the total supply of BUSD was $15 billion at the beginning of 2022, this figure has increased by another $6 billion over the past ten months.
Behind the rise of Binance USD in recent months lies a series of decisions taken by the stock market last month.
The leading cryptocurrency exchange announced in an announcement last month that it has made a series of decisions regarding some stablecoins listed on Binance. Exchange, TUSD, USDC and USDP cut its support for stablecoins.
Trading pairs associated with USDC, TUSD and USDP were delisted from the exchange last month. The stablecoin in question is not just from the spot transaction; Other features of the exchange such as Liquid Swap, Savings, Futures were also removed.
Binance managers make this decision. “to create an environment where more liquidity is plentiful for users” announced that they had
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