BUSD Breaks All-Time High, Crosses $20B Market Cap After Binance Auto-Convert Announcement
BUSD, Binance’s fully-backed and regulated stablecoin, hit an all-time high of $20.06B in market capitalisation on Monday.
The milestone came on the back of the exchange’s announcement last week that it would auto-convert balances of the USDC, USDP and TUSD stable coins to BUSD on the exchange. BUSD first crossed the $20B mark in market cap on the 9th of September, according to CoinMarketCap data. Binance made the announcement on Monday, the 5th of September, last week.
At the time of the announcement, BUSD’s market cap was at around $19.4B. According to CoinMarketCap data, it has seen a $600M increase over the span of a week, making it the 6th largest cryptocurrency by market cap.
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