Original title: "Data Interpretation | A Quick Look at the Full Chain Distribution of the Three Stablecoins"
Original author: Wesely, The Way of DeFi
Recently, BUSD issuer Paxos has been caught in a tug-of-war with the US SEC. The SEC questioned the lack of sufficient asset reserves behind it. As a stablecoin issued by the world's largest trading platform Binance, BUSD is also regarded by many as one of Binance's commercial landscapes. One, this incident also triggered a crisis of confidence in BUSD.
As one of the core assets of the entire Crypto market, stablecoins have experienced very substantial growth in recent years. Compared with the increase in the data for the same period in 2017, the total market value of stablecoins has grown by more than 5,500 times. According to recent statistics from Coinmarketcap, the current total market capitalization of stablecoins is approximately US$136.9 billion, of which USDT issued by Tether accounts for the highest market share, accounting for 50.3%, approximately US$68.5 billion; USDC issued by Circle accounts for 29.9%, approximately US$41.5 billion ;BUSD issued by Paxos under the Binance brand accounted for 11.5%, about 15.7 billion US dollars.
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USDT
In October 2014, Tether officially launched USDT, which has always been the most well-known stable currency. During this period, USDT was mainly issued based on the Omni protocol of Bitcoin. In the following years, USDT has also monopolized the entire stable currency market. After 2018, with With the emergence of stablecoins such as TUSD, USDP (the issuer is also Paxos), USDC, etc., the share of USDT experienced a period of decline, but soon, relying on the main currencies supported by multi-chain issuance and many exchanges, it quickly regained its value. Standing in the top position.
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Proportion of each stablecoin issued on Ethereum
USDT newly minted USD 2.4 billion this year, an increase of about 3%, and its market share has exceeded 50% for the first time since December 2021. According to data published on its official website, USDT is in Ethereum, Torn, Near, EOS, Bitcoin It is issued on different chains such as the currency side chain Liquid, and the specific circulation is as follows:
Torn: 37.125 billion (54.1%)
Ethereum: 30.28 billion (44.2%)
Solana: 1.89 billion (2.75%)
Omni: 888 million (1.3%)
Avalanche: 651 million (0.95%)
Tezos: 141 million
Algorand: 134 million
EOS: 85 million
Liquid: 36.5 million
Polkado+Kusama: 11.5 million
Bitcoin Cash: 5.98 million
Near: 5 million
It can be seen that Tether has issued USDT on 13 chains in total, among which the circulation on Torn is the largest, accounting for more than 54%, followed by Ethereum and Solnan with 44% and 2.7% respectively. The top four accounted for nearly 99% of the total circulation.
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USDC
In May 2018, Circle announced the USDC issuance plan for the first time, and it was officially launched in September 2018. Currently, USDC has 41.5 billion US dollars, ranking second in the stable currency market. Since the beginning of this year, the total amount of USDC has decreased by more than 3.3 billion US dollars , a drop of nearly 7%. According to the statistics released by the public chain issuance data, there are USDC issued on 9 public chains. The specific data are as follows:
Ethereum: 38.16 billion (accounting for 91.95%)
Solana: 5.03 billion (12.1%)
Torn: 1.08 billion (2.6%)
Polygon: 836 million (2%)
Avalanche: 586 million (%)
Hedera: 250 million (1.4%)
Stellar: 164 million
Algorand: 125 million
Flow: 12.81 million
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BUSD
Founded in 2013 and headquartered in New York, Paxos mainly provides cash custody, cryptocurrency services, digital asset issuance, securities and commodity settlement and other services. In September 2018, the company received a stablecoin license issued by the New York State Department of Financial Services (NYDFS), and immediately launched the Pax Dollar (USDP) stablecoin, and a year later, it partnered with Binance to launch another stablecoin, BUSD. , as of February 15th, BUSD ranked third with a circulation of 16.1 billion US dollars.
At the beginning of USDP’s release, this stablecoin once occupied nearly 30% of the stablecoin market on Ethereum, but it was limited by limited application scenarios. After that, its market share continued to decline. On the eve of BUSD’s launch, its market share was less than 7% % . At this time, Huobi's HUSD, DAI and other stablecoins were also launched one after another, which further intensified the market competition for stablecoins. To a certain extent, this also promotes the cooperation between Paxos and Binance. Binance can have a stable currency of a compliant brand, and Paxos can also follow Binance’s global expansion to regain the lost market. In November 2022, USDP and BUSD’s stablecoin market share on Ethereum has reached an all-time high of 23%.
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BUSD market capitalization changes in the last 7 days
We all know that BUSD is issued and owned by Paxos, and Binance authorized a stablecoin of its brand, but unlike USDT and USDC issuers who issue stablecoins directly on each chain, Paxos only issued BUSD on Ethereum, The BUSD we see on the BNB chain, Avalanche and other chains are all mapped. It is the BUSD encapsulation version Binance-Peg BUSD provided by Binance, which tracks the value of the original ERC-20 BUSD at a ratio of 1:1.
According to the data released by Binance, the current Binance-Peg BUSD issuance totals 5.435 billion pieces, which are distributed on 6 chains. The specific data are as follows:
BNB Smart Chain (BEP 20): 4.77 billion (87.8%)
BNB Beacon Chain (BEP 2): 545 million (10%)
Torn: 101 million (1.9%)
Avalanche: 11.5 million
Polygon: 6 million
Optimistic: 1 million
At this time, some people may have doubts, why not directly issue BUSD on different chains, just like USDC and USDT do?
Mindao, the founder of dForce, said, “Supervision is not necessarily approved, and the security of each chain is different. And there is a difference between the two minting rights. Most of BSC’s minting rights are in the exchange, and the capital issuer needs the minting rights in their own hands. ". Another argument is mainly the consideration of the cost of compliance, that is, Paxos and Binance did not see benefits in the multi-chain operation in the early stage of cooperation, and the cost of compliance is high, so Paxos is unwilling to issue other chains to NYDFS The approval of BUSD is too late when I want to do it later.
Given that Binance itself has the property of a central cross-chain bridge, in addition to Binance-Peg BUSD, there are many Tokens linked to the Binance Bridge (collectively referred to as B-Token), and the casting mode is basically the same as that of Binance-Peg BUSD. Currently, Binance has minted a total of There are 97 kinds of B-Token, such as: 68,200 BTC, 580,000 ETH, etc. Most of these assets are distributed on the two chains of BNB Smart Chain and BNB Beacon. Compared with BUSD, the status of these assets is actually more worthy of attention .
Since the beginning of December last year, the market value of BUSD has decreased by 6.89 billion, a drop of more than 30%, which is the largest drop among the three mainstream stablecoins.
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