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NewsBTC 2022-10-25 18:59:53

Binance USD Supply Increases Amid Heated Stablecoin Wars

The aim behind stablecoins development was to provide stability over the highly volatile nature of crypto assets. This means that stablecoins hedge your funds against the impact of macroeconomic factors like inflation. Currently, stablecoins represent about 15% of the total crypto market cap of over $933 billion. Several prominent firms have created their stablecoins. Usually, the coins are pegged on a ratio of 1:1 to major global fiat currencies like USD, EUR, or GBP. Related Reading: Tron Hits Record 117 Million Users, But TRX Price Increase Is Mediocre The Binance USD (BUSD) is a notable stablecoin from the leading crypto exchange, Binance. It is the world’s third-largest stablecoin by market cap after Tether (USDT) and USD Coin (USDC). Binance Committed To Pump Supply Of BUSD In a recent development, Binance has devised a means to increase the supply of its stablecoin, BUSD. The firm engaged in the sales of its USDC reserves and converted them into BUSD. As a result, Frank Chaparro from the Block noted the spike in the supply of BUSD. From his observation, the stablecoin’s supply, for the first time, crossed $20 billion. CoinGecko indicated that the supply had hit an all-time high of $21.7 billion. This figure represents about 15% of the cumulative stablecoin market cap of $147 billion. Also, Chaparro reported that BUSD has 22% as its denominated percentage of trades for this October. Binance announcement in September show...

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