#BNB Smart Chain stablecoin market share continues to shrink
BNB Smart Chain (BSC) grew the least in 2024, with an increase of 9.8%, or $444.5 million. It was the only chain in the top 5 to add less than a billion dollars in stablecoin. During the same period, its market share dropped from 3.5% to 2.9%.
Over a broader timeframe, however, BSC saw its stablecoin supply drop -61.0% between May 2022 and September 2024, mostly in the form of Binance USD (BUSD). This represented a fall of $7.8 billion in the wake of Binance being ordered by the New York Department of Financial Services to cease support for the stablecoin. Despite this, the SEC terminated its investigation into the stablecoin in July, though the damage had been done. BUSD now accounts for a small percentage of BSC stablecoins, with USDT making up for the bulk at 79.5%.
