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).
BUSD inflow to Binance. Source: CryptoQuant
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.
Main USD-backed stablecoin contenders – 24h volume (USD). Source: Skew
Binance wants a slice of the DeFi pie
With a $363 million market capitalization, BUSD is the third largest stablecoin on the market. However, as Binance continues to grow its offerings it’s possible that BUSD may become a larger player in the stablecoin and DeFi space which has largely been dominated by USDT.
Binance has already expressed its