BUSD is gradually “disappearing” from the stablecoins map after Paxos received a “death sentence” from the US authorities. Although Paxos committed to maintaining the margin and redeeming BUSD to fiat, it can be seen that the market share of this stablecoin is on a serious decline.
Because of the inability to mint new coins as well as Paxos constantly burning coins, the current supply of BUSD is only about 10.98 billion tokens, a decrease of nearly 31% in the past 30 days.
This directly affects the stablecoin’s market capitalization ranking. Before the allegation, BUSD ranked 6th in terms of market capitalization, but now it has slipped out of the top 10, stopping at 11th place according to CoinGecko.
Meanwhile, Tether (USDT) is having the advantage when still maintaining its position. According to DefiLlama, the total supply of USDT increased by 5% over the past 30 days, bringing the stablecoin’s capitalization to $70.9 billion.
With the total capitalization of the stablecoins falling at about $135.4 billion, Tether directly holds a 52.3% market share.
In second place is the USD Coin (USDC) issued by Circle. Despite being involved in the Paxos-BUSD case, Circle has stood firm in recent times. USDC market capitalization is currently about $42.2 billion, equivalent to 31.2% of the market share.
TrueUSD (TUSD) is another notable stablecoin. Many think that Binance is shifting focus to TUSD after being unable to do business with BUSD, as the biggest crypto exchange printed a large amount of TUSD on February 17.
In the 30-day timeframe, the supply of TUSD increased by 16%, bringing the capitalization to the $1.1 billion mark. Currently, TrueUSD holds a 0.8% market share – ranking 5th after USDT, USDC, BUSD and DAI.
It is predicted that in the near future, the stablecoin battle will become increasingly fierce with the participation of new faces such as Curve’s crvUSD, Aave’s GHO or Fantom’s fUSD.