BUSD's market value soars, can it shake USDT's dominance?
Editor's Note: Original text fromCoinTelegraphEditor's Note: Original text from
, author Antonio-Madeira, reprinted with authorization by Odaily.
With the rapid rise in the market value of the Binance USD stablecoin BUSD, Binance has gradually become one of the strongest players in the DeFi fieldCryptoQuantOn-chain analysis platformBUSDLast week, $113 million worth ofUSDT), BUSD has become the USD-anchored stablecoin with the most purchasing power.
image descriptionCryptoQuant
BUSD flows into the Binance platform. source:BUSD is powered by BinanceThe ERC-20 USD stable currency, BUSD has developed rapidly since its release, and the transaction volume continued to rise, and surpassed theUSDC。
Mainstream USD-pegged stablecoin market – 24h trading volume (USD). source:Skew
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DeFi booms, Binance looks to capture dividendsWith an existing market capitalization of $363 million, BUSD ranks third in the stablecoin market. However, as Binance continues to launch new products and services, BUSDIt has always been dominated by USDT
On September 1st, Binance launchedBinance Smart ChainBinance Smart Chain
, showing the ambition to strive for a stronger position in the DeFi field
On September 11, the popular DeFi protocol CREAMAnnounceWill migrate to Binance Chain, and unlike most DeFi platforms, the CREAM protocol supportsBNB、BUSD、BTC、ETH、XRP、BCHandLTCand
liquidity miningRecently, Binance also launchedNew currency mining (LaunchPool)ARPADo mining.
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Stablecoins See Triple-Digit Growth in 2020, But Institutional Rivals Close
2020 is the year of the outbreak of stablecoins, and decentralized finance and related mining protocols are the two major catalysts for this outbreak.
According to data from Coin Metrics, in the past two months, most USD-anchored stablecoins have achieved steady growth in market capitalization, with a daily increase of approximately US$100 million, mainly due to the support of these liquidity pools.
Such growth largely depends on the DeFi ecology. If it continues to develop, stablecoins will face many challenges in the future. The Central Bank Digital Currency (CBDC) is one of the potential competitors.If large financial institutions and corporations develop their own digital currencies and blockchain networks, they may also
