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"Second Great Stablecoin War"? BUSD market share increases significantly

 


FTX CEO Sam Bankman-Fried (SBF) said the rise of Binance 's stablecoin called Binance USD (BUSD) could trigger the "second great stablecoin war" given how rapidly its market cap has increased in recent months . 


Binance announced on Sept. 6 that it would launch a feature that would automatically convert multiple stablecoins supported on its exchange to BUSD. As a result, BUSD's market share of the overall stablecoin market has increased significantly. 


BUSD's share of the overall stablecoin market has surged from 10.01 percent on Sept. 7 to 15.48 percent on Oct. 22, according to crypto data aggregator Coin Metrics.

Commenting on the asset's growth after the feature's launch on October 23, the FTX CEO tweeted: "Binance is converting USDC to BUSD and we're seeing the shift in supply." He added: "This is how the second great stablecoin war begins."


Bankman-Fried stated the first “stablecoin war” was fought among five stablecoins in 2018. USDT and USDC emerged as the two winners. 


Today, USDT still has a sizeable lead with a 48 percent share of the stablecoin market, even though it's down from 88 percent since 2020. USDC has grown from 10 percent to 32 percent over the same period. 


However, the increase at Binance is even more noticeable. In the same period, it has increased more than 30-fold from 0.5 percent to 15.48 percent.


SBF added that as BUSD enters the market while the big centralized players fight for dominance, more projects in the “non-fiat-backed stablecoin space” are likely to emerge as well.


"It will be interesting to see what happens after Luna and the DAI/USDC situation. I expect it will be an interest bearing or other asset that has some value," SBF concludes.

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