In mid-August, or 68 days ago, the market capitalization of the stablecoin BUSD was approximately $17.7 billion and since then, its grown 22.88% higher to today’s $21.78 billion. BUSD’s growth comes at a time when the market valuations of the top two stablecoins tether and usd coin have shed some excess weight.
While Tether and USD Coin Lost Billions, BUSD Climbed 22% More in Just 2 Months
Before the explosion of the terra stablecoin in mid-April 2022, the dollar-pegged economy looked completely different than it does today. For example, on April 11, Bitcoin.com News reported the stablecoin market to close at $200 billion for the first time in history.
That day on Monday, April 11, 2022, the stablecoin economy was worth approximately $190.1 billion, and today it’s worth roughly $146.81 billion. The slide downward all started after Terra’s UST depegging event in May, when Bitcoin.com News reported on the largest stablecoin asset tether (USDT) shedding $12 billion from its market cap.
In September, USDC began noticing a decline in its market valuation, losing $6.7 billion in 83 days. The USDC’s market cap has eroded even further over the past month, as nearly 12.2% has been wiped out in 30 days. In addition, some smaller stablecoin markets have dropped below the $1 parity of $0.99 on a few occasions in 2022.
Binance’s stablecoin issued in partnership with Paxos Trust Company, BUSD, has done the opposite, as the stablecoin has managed to increase by 22.88% or $4.05 billion higher since August 14, 2022. Since January 1, 2022, the stablecoin token backed 1:1 with U.S. dollars held in reserve, jumped 50.31% from $14.47 billion to today’s $21.78 billion.
BUSD is one of three stablecoins that are positioned in the top ten crypto market capitalization positions. At the time of writing, BUSD today holds the seventh highest market valuation out of over 13,000 listed crypto assets.
Binance’s stablecoin BUSD, issued by Paxos, has published attestation reports issued monthly on the Paxos website. The attestations are written by the independent third-party accounting firm WithumSmith+Brown.
Three years ago, on September 27, 2019, the market cap of BUSD was slightly above the $440K mark. Since that day, the market valuation of BUSD has increased by 4,946,036% in 1,120 days. For comparison, Tether’s market cap jumped 1,1203% in the same day, and the USD coin’s valuation jumped 10,177%.
