BUSD Supply Drops $2B, Tether’s USDT Market Dominance Reached New High
Key Points:
- Tether USDT’s market domination has reached its highest point since November 2021. On the other side, the supply of Binance-backed BUSD has decreased by about $2 billion during the past 30 days.
- The overall market capitalization of stablecoins has decreased for ten months in a row, reaching $137 billion in January. The lowest market cap stablecoins since 2021, according to the research, were also mentioned.
- Binance’s outflows reportedly reached 25% in just two months. The study claims that its Paxos-issued stablecoin BUSD and native BNB coin were the main drivers of the flows.
According to DeFillama data, BUSD and Tether USDT’s market domination has reached its highest point since November 2021. On the other side, the supply of Binance-backed BUSD has decreased by about $2 billion during the past 30 days.
The top three stablecoins dominate almost 92% of the market, according to DeFillama data. Stablecoins like Circle’s USD Coin have a market dominance of 31.05%, whereas USDT has a market dominance of 49.18% in the cryptocurrency field. As of the time of publication, BUSD has an 11.52% market share.
According to CryptoCompare, the overall market capitalization of stablecoins has decreased for ten months in a row, reaching $137 billion in January. The lowest market cap stablecoins since 2021, according to the research, were also mentioned.
The market capitalization of USDT increased marginally by 0.82% to $66.7 billion, while that of its major competitors, USDC and BUSD, decreased by 2.27% and 3.97%, respectively, to $43.1 billion and $16.1 billion. The market capitalization of less well-known stablecoins like True USD (TUSD) and the algorithmic stablecoin TerraClassicUSD (USTC), which failed, increased by 24.5% and 13.1%, respectively, to $940 million and $225 million.
Binance-backed stablecoin has experienced a turbulent past month
As consumers withdrew their money in large quantities, these discoveries heightened the FUD surrounding the exchange. Binance’s outflows reportedly reached 25% in just two months. The study claims that its Paxos-issued stablecoin BUSD and native BNB coin were the main drivers of the flows.
Binance’s CZ claimed that the exchange has a sound balance sheet despite all the ambiguity. According to a recent CEO tweet, established financial institutions who reduced their exposure to cryptocurrencies as a result of recent crypto project failures may face “existential ramifications” in 20 years.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
Author
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BUSD Supply Drops $2B, Tether’s USDT Market Dominance Reached New High
Key Points:
- Tether USDT’s market domination has reached its highest point since November 2021. On the other side, the supply of Binance-backed BUSD has decreased by about $2 billion during the past 30 days.
- The overall market capitalization of stablecoins has decreased for ten months in a row, reaching $137 billion in January. The lowest market cap stablecoins since 2021, according to the research, were also mentioned.
- Binance’s outflows reportedly reached 25% in just two months. The study claims that its Paxos-issued stablecoin BUSD and native BNB coin were the main drivers of the flows.
According to DeFillama data, BUSD and Tether USDT’s market domination has reached its highest point since November 2021. On the other side, the supply of Binance-backed BUSD has decreased by about $2 billion during the past 30 days.
The top three stablecoins dominate almost 92% of the market, according to DeFillama data. Stablecoins like Circle’s USD Coin have a market dominance of 31.05%, whereas USDT has a market dominance of 49.18% in the cryptocurrency field. As of the time of publication, BUSD has an 11.52% market share.
According to CryptoCompare, the overall market capitalization of stablecoins has decreased for ten months in a row, reaching $137 billion in January. The lowest market cap stablecoins since 2021, according to the research, were also mentioned.
The market capitalization of USDT increased marginally by 0.82% to $66.7 billion, while that of its major competitors, USDC and BUSD, decreased by 2.27% and 3.97%, respectively, to $43.1 billion and $16.1 billion. The market capitalization of less well-known stablecoins like True USD (TUSD) and the algorithmic stablecoin TerraClassicUSD (USTC), which failed, increased by 24.5% and 13.1%, respectively, to $940 million and $225 million.
Binance-backed stablecoin has experienced a turbulent past month
As consumers withdrew their money in large quantities, these discoveries heightened the FUD surrounding the exchange. Binance’s outflows reportedly reached 25% in just two months. The study claims that its Paxos-issued stablecoin BUSD and native BNB coin were the main drivers of the flows.
Binance’s CZ claimed that the exchange has a sound balance sheet despite all the ambiguity. According to a recent CEO tweet, established financial institutions who reduced their exposure to cryptocurrencies as a result of recent crypto project failures may face “existential ramifications” in 20 years.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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