Binance's BUSD stablecoin lost a quarter of its market capitalization in a month amid speculations about the exchange's health. Top rivals USDT and USDC picked up market share. sndr_krisztian reports
“Binance’s auto-conversion was a double-edged sword,” according to Tom Wan, research analyst atAs Binance users withdrew stablecoins from the exchange, they did that in the form of USDC and USDT, so Binance had to redeem BUSD to Paxos and prop up reserves of rival stablecoins to satisfy withdrawals, Wan explained.
Binance USD gained some $3 billion in market capitalization after Binance’s auto-conversion, then contracted by $6 billion when withdrawals hit Binance. Stablecoin war Top rivals picked up market share amid BUSD’s recent $6 billion setback. The total market value of USDT jumped by about $800 million to $66.3 billion, while USDC’s grew by $1 billion to $65.5 billion, according to CoinGecko data.
Over the course of the full 2022, BUSD still managed to notch market-share gains versus the once-dominant USDT. CoinGecko data shows that BUSD’s market cap climbed by 20% during the year, with USDC gaining 4%, while the USDT value fell by 15%. MakerDAO’s
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