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Stablecoins in the cryptocurrency market help provide USD pegged tokens within the volatile industry. In bull markets, the market capitalization of stablecoins tends to decrease as investors flock to more volatile assets and in bear markets, investors seek shelter in low volatility stablecoins thus increasing their market caps.On Jan. 26,
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Globally-renowned exchange Binance recently admitted that its BUSD peg was inadequately undercollateralized by $1 billion. On Tuesday, Binance admitted to flaws in its system that cost the platform its Binance Smart Chain BUSD peg and left it at least $1 billion undercollateralized at some point. According to a Binance spokesperson:“The process of
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According to statistics, the stablecoin BUSD saw a significant drop in its supply over the past 30 days, shedding roughly 23.8% from Dec. 5, 2022, to Jan. 6, 2023. Since Dec. 13, 2022, BUSD’s supply has been reduced by more than $5 billion, going from $21.84 billion to its current
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The market capitalization of BUSD – the number of stablecoins outstanding times its price, theoretically $1 – fell to an 11-month low of $16.4 billion on Jan. 3 from $22.1 billion at the start of December, according to data by CoinGecko. BUSD remained the third largest stablecoin by market capitalization. Original
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Some 10,000 BNB tokens were converted into 2,000 ether, worth over $2.4 million at current rates, and a total of 19,714 BNB became $5 million of BUSD over two transactions. The BNB and BUSD tokens form the backbone of BNB Chain, a blockchain network closely related to the crypto exchange
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On Oct. 18, the product team at cryptocurrency exchange Binance held an ask-me-anything session with users on Reddit. Of particular interest was a discussion that arose regarding retrieval fees for crypto sent on different networks than the recipient's wallet address on Binance. According to user Maxx3141, who brought up the
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19 days ago, usd coin (USDC), the second largest stablecoin by market capitalization, had an overall valuation of around $48.82 billion and since then, it has continued to deflate down to today’s $44.93 billion. Statistics show that during the last three months, USDC’s market valuation has dropped by more than
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TrueFi does not expect Blockwater Technologies' default to affect its
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The crypto asset exchange Wazirx is following Binance’s move by delisting a number of stablecoins and automatically converting them to BUSD at a 1:1 ratio. Wazirx customers have until September 23 to withdraw their stablecoins if they don’t want the funds converted. Wazirx Plans to Drop 3 Stablecoins and Auto-Convert Them
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The introduction of stablecoins, like BUSD into cryptocurrency brought hope to many long-term investors. For those skeptical of the crypto space due
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