ICO Analytics: YTD growth of stablecoin market capitalization shows BUSD is taking the lead

By Selena On May 7, 2020

On March 10, Binance stablecoin BUSD crossed the $ 100 million market cap threshold for the first time since its September debut. Dramatic growth continued through April. On April 29, BUSD’s market cap stood at $ 194 million, trailing only USDT ($ 7.52 billion), USDC ($ 726 million), and PAX ($ 244 million).

Stablecoins have been used more frequently due to huge market volatility, so BUSD gets benefits?

Stablecoins have been the topic of discussion for quite some time now, especially since the start of 2020. Although Coronavirus takes the spotlight, both are not mutually exclusive.

According to ICO Analytics, the YTD growth of stablecoin market capitalization shows that BUSD is taking the lead.

YTD growth of stable coins market capitalization. Most of the stable coins increased market capitalization year-to-date with BUSD taking the lead.$tusd $pax $usdc $husd $gusd $usdt $dai $busd pic.twitter.com/7dj3K6quOw

— ICO Analytics (@ICO_Analytics) May 4, 2020

At press time, BUSD’s market cap is $ 177,054,268, equivalent to 18,711 BTC or 864,527 ETH. According to ICO Analytics, BUSD’s market capitalization has increased to nearly 1000%, about 940%. Tether has grown the highest in 2019 and Binance’s BUSD registered the highest growth in 2020. However, in terms of “market cap,” a small percent change in USDT market cap would be equivalent to a huge change in BUSD’s market cap change.

Source: CoinMarketCap

This achievement is largely due to the effort of Binance. Binance and Brave revealed a partnership of sorts recently when Brave integrated the Binance widget, one that allows people to buy and trade crypto directly via the browser. In a development that was an extension of this news, Binance CEO and Co-founder CZ, in an AMA on Tuesday, announced that BNB and BUSD will be available as reward tokens on the Brave browser.

https://t.co/345XGhP1ZY

— Binance (@binance) May 5, 2020

According to CZ, while presently, only fiat currency is being used to buy via the widget, more cryptocurrencies will be added soon.

Additionally, expanding on the rewards system, CZ said:

“In addition to BNB, we also want to sponsor BUSD so that we get the flow going. For a lot of payments related stuff, people prefer stablecoin especially for shop owners, whose expenses are covered in fiat.”

In addition, BitPay and Binance are partnering to drive the adoption of BUSD. Through the partnership, BitPay will enable all of its merchants around the world to accept BUSD as a form of payment online and in its cross border business to business billing platform without additional integration. BitPay merchants and businesses can purchase BUSD through the Binance Exchange and global exchanges listing BUSD.

Stephen Pair, CEO of BitPay, stated:

“The partnership with Binance is about more than supporting another stablecoin, it is about making cross border payments simple and easy for both businesses by leveraging the global influence of Binance Exchange. With BUSD, BitPay expands blockchain payment choices for all our customers across the global payments space who want the flexibility of paying on the blockchain with the stability of the US dollar.”

As part of the partnership, BitPay will support BUSD in the BitPay wallet so its nearly 2 million users can top up the BitPay Card and businesses like Avnet and Onfido can involve cross border payments using a dollar-pegged stablecoin.

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