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Binance’s Stablecoin hits a milestone of $500 Million Supply

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Stablecoin supply has now exceeded the whopping $200 billion mark. With this, the market noted more than 300% year-to-date rise for stablecoins. A sharp rise was first triggered by the significant decline in the price of cryptocurrencies following the Black Thursday market crash.

Interestingly, it is not just the big names such as Tether and USDC that saw a huge influx. Smaller and relatively newer stablecoins also considerable traction. In the latest development, Binance’s stablecoin BUSD was currently sitting at a market cap of $504 million. This was first observed by the Founder and CEO of the Malta-based crypto firm, CZ who tweeted,

Binance had partnered with Paxos Trust Company in September 2019 to launch a USD-denominated stablecoin, BUSD after receiving a green signal from the New York State Department of Financial Services [NYDFS].

skew main usdbacked stable coin contenders market cap usd

The rise of smaller cap stablecoins such as BUSD can also be directed to the increasing in user interest with DeFi. Generally, stablecoins are used by DeFi yield farmers to accept crypto stocks from various decentralized platforms such as Uniswap, Aave, and Curve which have been popping up in ever greater numbers this year. What has further added to the popularity is their offerings of larger and larger yields in the competition to attract locked funds.

Binance Chases DeFi

The cryptocurrency exchange has continued to grow its offerings in the DeFi space with new product launch almost every day. Hence, it is possible that BUSD may become a larger player in the stablecoin and the wider DeFi space which has largely been dominated by USDT.

Binance recently unveiled its new decentralized Binance Smart Chain which acts as a “bridge” between its DeFi and CeFi offerings. Since then the platform has continued to expand its footprint in the space. These developments were occasioned by huge BUSD inflows into Binance exchange over the past couple of weeks demonstrating a high potential buying power.

Binance’s Launchpool platform also provided a new venue allowing its users to farm assets such as BUSD. Additionally, first project on the platform was revealed to be Bella protocol where users will be able to stake their BNB, BUSD, and ARPA tokens.

Binance US starts its upward spike by adding IOTA and BUSD

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Binance, the world’s largest cryptocurrency exchange, has been on a rampant march in terms of developments and updates with the Changpeng Zhao led organization, ensuring that it has its foothold across multiple regions. The exchange’s United States division, Binance US, had met with a lot of trepidation earlier for launching an entirely new platform, but that does not seem to have caused the company to veer off course.

Today, on October 22nd, Binance US announced that it would be listing both BUSD and IOTA on its platform. IOTA’s official handle tweeted:

“#Binance US will list #BUSD and #IOTA. Trading for BUSD/USD, BTC/BUSD & IOTA/USD trading pairs will open on October 22nd, 2019, at 9:00pm EST / 6:00pm PST. This is the first time Americans can buy IOTA legally through a regulated United States exchange.”

Binance US has stated that the platform will offer unwavering performance with a matching engine that can support up to 1.4 million orders per second. The cryptocurrency exchange also informed users that it would be adding more tokens later by claiming:

“We will continue evaluating coins, tokens and trading pairs to offer on Binance.US in accordance with our Digital Asset Risk Assessment Framework, community feedback, and market demand.”

The announcement from Binance had had a minuscule effect on the prices with IOTA receiving a 1.14 percent bump in prices, causing it to trade for $0.27. The cryptocurrency held a 24-hour market volume of $7.64 million, a figure that was the second-lowest in the top 20 cryptocurrency club.

Binance USD [BUSD], on the other hand, was trading for $1 after a 0.34 percent fall in the 24-hour spectrum. BUSD held a total market cap of $11.04 million and a 24-hour volume that was more than the market cap at $11.334 million.

Binance was also in the news when Zhao revealed that the Russian Ruble would be the first fiat-crypto trading option that will be available to the public. According to Zhao:

“We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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