Binance Stablecoin BUSD Tops $100M but Lags Behind Rivals

Binance USD, a U.S. dollar-backed stablecoin, has surpassed $100 million in market capitalization, chipping away at a market still dominated by Tether's TUSD. Also known as BUSD, the token is traded almost exclusively on the Binance exchange and its market cap - which roughly corresponds to the total value of dollars deposited with its issuer, Paxos - is currently at $115 million.

It lists several other stablecoins, including Tether (USDT), which has much higher volume on Binance than BUSD. In fact, the majority of trading in BUSD, almost 40 percent market, is with Tether while the BUSD/BTC trading pair is second at 35 percent, according to data from CoinGecko.

Timeline of Tether, Trueusd