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Binance USD (BUSD) purchase volume exceeded $1 billion

By:
on Jul 14, 2020
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  • Binance's stablecoin, BUSD, recently hit a new milestone.
  • The stablecoin's purchase volume finally exceeded $1 billion.
  • This stands as a major achievement, as the coin is currently only 9 months old.

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Binance, the world’s leading cryptocurrency exchange, recently revealed that its stablecoin, Binance USD (BUSD) managed to exceed $1 billion in purchase volume. This is a big milestone for the stablecoin, and a significant display of its growing popularity, despite the fact that Tether still dominates the stablecoin section of the crypto market.

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Binance’s stablecoin hits a new milestone

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Binance revealed that its stablecoin managed to hit this massive milestone only around 260 days after its launch. Some might recall that the coin officially rolled out back in September last year.

In an attempt to make its stablecoin more relevant, Binance assigned it a number of use cases. The coin can now be used for trading across numerous exchanges, DeFi protocols, crypto wallets, and even fiat gateways, among other methods. The move worked, and crypto enthusiasts are more than willing to buy Binance USD (BUSD).

Even so, its acceptance by the community is quite massive, considering that it has only been nine months since launch. Binance also noted that “Several observers have pointed out that BUSD has grown its utility due to several factors, including increased traction in several countries such as Brazil, as well as the growing role of stablecoins in simplifying payments worldwide.”

BUSD’s rapid growth

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The coin’s increased adoption is even more noticeable considering the fact that it was initially only available on Binance’s own exchange. In other words, Binance did not secure its listing on other platforms prior to the launch.

Then, only nine months later, the coin became available on around 24 different platforms. Meanwhile, its market cap currently sits at $165 million, after reaching its peak of $203 million back in April. The token’s original market cap was below $20 million back in 2019, so there is considerable progress to be noticed in this regard, as well.

While Tether is still an unquestionable leader in the stablecoin market, the lack of clarity and numerous controversies surrounding the coin may have had an impact. Traders are becoming more and more suspicious of the coin, which is why they are turning to other trustworthy options.

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