Binance's stablecoin clocks in market share all-time high as supply tops $20 billion

BUSD’s supply as a share of the overall stablecoin market clocked in an all-time high on Friday.Binance's stablecoin is enjoying a spike in activity despite a broader slump in the market.

The Block's data dashboard shows that BUSD has expanded its market share to its highest level ever, representing 15.48% of the stablecoin market's $140 billion in total supply as of Friday. The crypto's share of trade volume by pair denomination stands at 22%. Meanwhile, the total supply of BUSD clocks in at just under $22 billion—an increase of more than $6 billion since the beginning of the year.it would convert existing balances and new deposits of stablecoins USDC, USDP and TUSD to its own stablecoin, BUSD.The total stablecoin supply peaked this past spring ahead of theof algorithmic stablecoin TerraUSD, which overnight collapsed from $1 to nearly zero.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Kollen Post is a senior reporter at The Block, covering all things policy and geopolitics from Washington, DC. That includes legislation and regulation, securities law and money laundering, cyber warfare, corruption, CBDCs, and blockchain’s role in the developing world.

the chance it will overcome Tether is still phantom

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