Record $113M BUSD stablecoin inflow shows Binance is serious about DeFi

Record $113M BUSD stablecoin inflow shows Binance is serious about DeFi

Gate Trade News Wednesday, September 16, 2020 13 0

The rapidly growing market cap of Binance’s BUSD stablecoin shows the exchange is taking serious steps to become a major DeFi contender.

 

New data from CryptoQuant, an on-chain analytics firm, shows $113 million worth of Binance USD (BUSD) has flowed into Binance exchange over the past week. 

 

This means BUSD stablecoin now has the highest potential buying power over all other USD-based stablecoins except for Tether (USDT).

 

Binance’s new USD-backed stablecoin is ERC-20-based and was launched in 2019 in partnership with Paxos. Since then, BUSD has steadily been gaining traction as its volume increased and recently surpassed that of USD Coin (USDC) on Sept. 4.