The Binance Stablecoin BUSD/USD 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.
#Binance stablecoin $BUSD has surpassed a $20 billion market cap.
— Watcher.Guru (@WatcherGuru) September 10, 2022
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.
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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 ETH/USD 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.