The Binance USD (BUSD) – the US dollar-backed stablecoin made in partnership between Binance and Paxos Trust Company – market cap surpassed $100M for the first time. It has grown to a market cap of more than $115M as of March 11. In the last month alone, BUSD market cap has grown more than 400% – from $22M to $115M.
BUSD is also seeing all-time highs in trading volume. On Monday March 9, BUSD pairs on Binance hit transaction volumes of more than $200M, which makes BUSD the most traded, fully USD-backed stablecoin.
CZ (Changpeng Zhao), Binance CEO, commented, “BUSD’s market cap crossing $100 million is a big milestone for Binance and Paxos, which illustrates the strong need and use of alternative assets in the market. We are looking forward to seeing more utility through the power of stable digital assets and serving our part with BUSD, a NYDFS-approved USD-based stablecoin.”
Rich Teo, Co-Founder and CEO Asia, added, “The spectacular growth of BUSD shows that the market is hungry for an alternative. We’re excited about this milestone and proud to partner with Binance to deliver an optimal solution for our global users.”