Binance USD (BUSD), the official US dollar-denominated stablecoin of Binance, has hit 1 billion USD in purchase volume just 260 days after it launched. Get to know more about the stablecoin’s fast growth in this article.
It’s been nine months since we launched BUSD. We’ve seen tremendous growth in terms of issuance, reach and use cases for this stablecoin. 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.
Here are some numbers that show the momentum of BUSD.
1,000,000,000: Amount of BUSD minted
Reaching the 1 billion mark for minting or tokenizing a stablecoin, especially a USD-denominated one, is a milestone reserved for just a few leading stablecoins. BUSD has reached the 1 billion mark on May 28, and it has been the fastest stablecoin to do so. How fast? See below.
261: Days it took for BUSD to hit 1 billion USD in purchase volume
From the time we minted the first BUSD, on September 10, 2019, to the one-billionth token, BUSD has grown its minting volume pretty well. How much growth did we see? Here’s a chart below.
208,000,000: USD market cap for BUSD at its peak
Reflecting its growing user base, BUSD’s market cap 200 million USD ranked in the top 4 of the global stablecoin market. This market cap is driven by, among other factors, large daily volumes of purchases and redemptions, as well as good liquidity on Binance and other markets.
35: Days it took for BUSD market cap to jump 2x
On March 13, BUSD surpassed 100 million USD in market capitalization. This is an achievement in itself, but what amazed us was that it took just one month and a few days to reach 2x that market cap amount, which we hit on April 17.
60+: Notable crypto platforms that use BUSD
Aside from managing token economics, one more thing that the BUSD team has achieved is growing the usability of BUSD in many platforms. Right now, you can use BUSD in services such as exchanges, crypto wallets, decentralized finance (DeFi) protocols, payment and fiat gateways, etc.
24: Exchanges that list BUSD
A big factor in achieving the numbers above is the growing acceptance for BUSD in more exchanges. Since day one, we have worked with various exchanges, which have graciously supported our stablecoin alternative. Of course, it helps our case when the stablecoin we’re offering is fully regulated by the New York State Department of Financial Services (NYDFS) and verifiably backed by 1:1 US dollar reserves.
7+: Main use cases we have seen for BUSD
Stablecoins plays an important role in transactions because they vary less than the typical cryptocurrency when it comes to price movements. Right now, you can:
- Transfer your digital dollars (BUSD) anywhere in minutes, with low cost and on the blockchain.
- Trade BUSD on different exchanges, both centralized and decentralized, like Binance and Binance DEX.
- Deposit BUSD to earn an interest rate, through Binance Savings
- Pay BUSD as payment for goods and services.
- Use BUSD as collateral and loan asset in
- Use BUSD as cross collateral on Binance Futures.
- Store BUSD on an exchange or in a wallet.
This is just a preliminary list of main uses, and that’s just mostly within the Binance ecosystem. We trust that the bigger crypto community can find more beneficial use cases for our stablecoin, as we continue to enhance the product.
155,000: Number of users holding BUSD on Binance
Ultimately, BUSD reached all the milestones above because of the support of our Binancians, especially those who continue to hold BUSD inside their Binance accounts, as well as thousands of others who use it outside Binance. We shall continue to work hard to give more use cases and milestones for our stablecoin.