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BUSD scores in battle for stablecoin top

 


The strength of the US dollar makes stablecoins very attractive. While in Europe you can diversify your own portfolio with stablecoins without having a foreign currency account, the tokens are real lifesavers in other countries. After all, anyone who has to live with an inflation rate of 80% or more will be primarily interested in currencies that convey stability.


Unlike stablecoins, however, these are not always available and certainly not easy to store or send. This situation creates the perfect basis for more competition, because whoever has the highest market share is not only present in the crypto market, but is also fighting for placement in countries hit by crises.


In order to outperform the competition, they not only launch new stablecoins based on other currencies , but also elbow out.


Deletion of USDC takes effect

In September , Binance removed USDC and two other stablecoins from its program . Instead, trading pairs were only formed with BUSD and USDT. However, one advantage for customers remains, because the acceptance of stablecoin deposits and withdrawals has not changed. Therefore, they still enjoy freedom of choice in this regard.


The effect is still noticeable as BUSD gains a market share of almost 15.5%. Circulation also rose to a record high of over BUSD 21 billion. Should the US dollar strengthen even further in the coming months, then stablecoins are likely to enjoy growing popularity.


Another arena for stablecoins to compete in is increasing regulation. Not only the collapse of UST has drawn authorities into action, but also the importance that stablecoins are increasingly playing outside of the crypto market.

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