BUSD’s market share has been dwindling for months now and the decline shows no sign of slowing down.
Even Binance appears to have abandoned support for its dollar-pegged stablecoin, which was once a dominant force on the cryptocurrency exchange.
BUSD Loses Market Share
In the past month the market capitalization of BUSD has fallen by 16.14%, DeFiLlama data shows.
Alongside other well-known stablecoins, BUSD is losing out to USDT dominance. According to Blockworks, on Sunday Aug. 6, Tether’s flagship stablecoin accounted for a 67.17% share of the total market.
When Binance first launched BUSD in 2019, it put its full weight behind the stablecoin. With the backing of the world’s largest crypto exchange, it took just 261 days for BUSD to amass a market capitalization of $1 billion USD. And it achieved this milestone faster than any other stablecoin.
Within a year, the exchange had…
