BUSD has reached its $20B milestone, ranking sixth in the overall crypto market and third among stablecoins by market cap.
Binance has announced that the market value of BUSD has exceeded the $20 billion mark, ranking sixth in the entire cryptocurrency market and third in the entire stablecoin circle.
The market value has exceeded 20 billion US dollars in three years.
It took BUSD three years to transform into one of the fastest growing cryptocurrencies. This stablecoin has a variety of uses, including trading, lending, payments, and more, while also working with various partners to build BUSD use cases.
BUSD is a stable currency issued by Paxos in a 1:1 ratio, backed by the US dollar, safe and compliant, and has been approved by the New York State Department of Financial Services (NYDFS). Paxos issues BUSD on the Ethereum blockchain, and Binance offers BUSD-pegged tokens (pegged to Binance) on the BNB Chain and other blockchains.
BUSD Milestones
July 15, 2019 – BUSD issuance (first batch)
March 10, 2020 – Market value crosses the $100 million mark
August 6, 2020 – On the Green List approved by the New York State Department of Financial Services (NYDFS)
January 1, 2021 – Market value crosses the $1 billion mark
June 28, 2021 – Market value crosses the $10 billion mark
September 10, 2022 – Market value crosses the $20 billion mark
Go to Binance’s Official Website
Why do users favor the BUSD stablecoin?
It took BUSD three years to grow its market cap from $1 billion to $20 billion. Currently, there are about 4 million BUSD holders (number of on-chain addresses as of September 1), who prefer BUSD because of its strict compliance standards and low transaction fees.
BUSD is committed to high standards, which has also earned it a good reputation as a trustworthy asset, so its market value has risen rapidly. Users usually choose BUSD for the following reasons:
1. Adhere to strict regulations, compliance and user protection standards
Some stablecoins were de-pegged from the U.S. dollar, and the instability caused by the decoupling created significant problems, thereby raising public awareness of the importance of backed reserves. As a fully regulated, reserve-backed option, BUSD offers a very attractive alternative.
Because fully cash-backed and secured funds, reserves are held in FDIC-guaranteed U.S. banks. BUSD is one of the few stablecoins that meets the strict regulatory standards of the New York State Department of Financial Services (NYDFS).
2. Always put users first
BUSD puts users first. Paxos, the BUSD issuer, is subject to the strict jurisdiction of the New York State Financial Services Authority: all reserves are kept in bankruptcy segregated accounts, and assets are fully segregated in accordance with New York banking laws. With high industry standards, users enjoy advanced protection and always have access to their assets.
3. BUSD multi-chain availability
BUSD is available on multiple blockchains throughout the cryptocurrency ecosystem, which is why the BUSD market continues to grow. After being issued on Ethereum and BNB Chain (Binance Coin Smart Chain and Beacon Chain), BUSD will also be issued on Avalanche, Polygon, Tron and other blockchains soon.
4. Various use cases
BUSD will continue to grow its ecosystem across blockchains, wallets and centralized platforms. It is also a major component of many trading pairs and decentralized exchanges.
5. Mobile Trading
Binance Exchange has advanced features and supports over 300 BUSD trading pairs with attractive transaction fees. By downloading the Binance app, users can trade cryptocurrencies 24/7. Additionally, BUSD enjoys top liquidity on various platforms.
BUSD works with Binance Pay and other payment solution providers to make transactions fast, secure, and provide a seamless trading experience. BUSD will continue its efforts to bring liquidity and utility to numerous platforms and blockchains.
The role of BUSD in cryptocurrency and beyond
Going forward, the focus of BUSD compliance efforts, as always, is to gain the trust of both stablecoin users and regulators. Cryptocurrencies will also provide new collaboration opportunities for a wider audience, making stablecoins an important asset class in the global economy.
The BUSD team will work with industry leaders across the spectrum including decentralized, centralized and traditional finance.
Binance is just getting started in creating this path.
Go to Binance’s Official Website
Please check Binance official website or contact the customer support with regard to the latest information and more accurate details.
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Comment by Hans
April 24, 2024
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