BUSD Hits Its $20B Market Cap Milestone

We are excited to announce that BUSD has reached its $20B milestone, ranking sixth in the overall crypto market and third among stablecoins by market cap. 

Growing to $20B in Three Years 

In the three years since its launch, BUSD has become one of the fastest-growing cryptocurrencies. The stablecoin features a variety of utilities, from trading to lending and payment, while also building out its use cases with a variety of partners. 

BUSD is a 1:1 USD-backed, secure, and compliant stablecoin issued by Paxos and approved by the New York State Department of Financial Services (NYDFS). Paxos issues BUSD on the Ethereum blockchain, and Binance offers a pegged BUSD token (Binance-Peg) on BNB Chain and other blockchains.

BUSD milestones

• July 15, 2019 - BUSD launched (The first batch issued)

• March 10, 2020 - 100M market cap milestone

• August 6, 2020 - Listed on the approved Greenlist of NYDFS 

• January 1, 2021 - $1B market cap milestone

• June 28, 2021 - $10B market cap milestone

• September 10, 2022 - $20B market cap milestone

Why Has BUSD Become a Popular Choice of Stablecoin Among Users?

Within three years, the market cap of BUSD grew from $1B to $20B. There are currently around 4M BUSD holders (number of on-chain addresses as of September 1) who prefer BUSD for its strict compliance standards and low transaction fees.

BUSD’s commitment to high standards has maintained its reputation as a trustworthy asset, rapidly raising its market cap.  Users often choose BUSD for a combination of reasons: 

1. Upholding High Standards of Regulation, Compliance, And User Protection

The instability of certain stablecoins’ de-pegging to their dollar value brings major concerns and publicly increases awareness of backed reserves’ importance. BUSD offers then an attractive alternative as a fully regulated and reserve-backed option. 

Fully backed by cash with guaranteed deposits, reserves are held in FDIC-insured US banks. BUSD is one of the few stablecoins compliant with the strict regulatory standards of the New York State Department of Financial Services (NYDFS). 

2. Users Always Come First

BUSD puts its users first as a priority. Its issuer, Paxos, is under strict measures enforced by New York state regulators: all reserves are held in bankruptcy remote accounts, and its assets are fully segregated under New York Banking Law.  Following the industry's high standards, users are protected at a high level and always have access to their assets. 

3. BUSD Multichain Availability

The availability of BUSD on multiple blockchains across the crypto ecosystem has contributed to the growing market cap of BUSD. After issuing on Ethereum and BNB Chain (BNB Smart Chain and Beacon Chain), BUSD will soon be available on Avalanche, Polygon, Tron, and other blockchains. 

4. A Wide Range of Use Cases

 BUSD continues to grow its ecosystem across blockchains, wallets, and centralized platforms. It also acts as a dominant component of many trading pairs on decentralized trading platforms.

5. Trade on The Go

Binance’s leading exchange platform provides over 300 BUSD trading pairs with appealing fees. By downloading the Binance app, users can trade crypto 24/7. In addition, BUSD has top liquidity across a wide range of platforms. 

 Through partnering with Binance Pay and other payment solution providers, BUSD also enables fast and secure transactions with a seamless experience. BUSD will work continuously to bring liquidity and utility across numerous platforms and blockchains. 

BUSD’s Role in Crypto And Beyond

Going forward, BUSD’s emphasis on compliance aims to safeguard the trust of both stablecoin users and regulators. The cryptocurrency will also open new opportunities for a broader audience to cooperate in establishing stablecoins as an essential asset class in the global economy. 

The BUSD team will partner with industry leaders across the entire spectrum of decentralized, centralized, and traditional finance. When it comes to our journey on the road to building, we are only at the beginning.