Record $113M BUSD stablecoin inflow shows Binance is serious about DeFi

Wednesday 16 September 2020, 10:43 AM AEST - 1 week ago

New data from CryptoQuant, an on-chain analytics firm, shows $113 million worth of Binance USD (BUSD) has flowed into Binance exchange over the past week. This means BUSD stablecoin now has the highest potential buying power over all other USD-based stablecoins except for Tether (USDT).

BUSD inflow to BinanceBUSD inflow to Binance. Source: CryptoQuant

Binances new USD-backed stablecoin is ERC-20-based and was launched in 2019 in partnership with Paxos. Since then, BUSD has steadily been gaining traction as its volume increased and recently surpassed that of USD Coin (USDC) on Sept. 4.

Main USD-backed stablecoin contenders - 24h volume (USD)Main USD-backed stablecoin contenders - 24h volume (USD). Source:


Binance wants a slice of the DeFi pie

With a $363 million market capitalization, BUSD is the third largest stablecoin on the market. However, as Binance continues to grow its offerings its possible that BUSD may become a larger player in the stablecoin and DeFi space which has largely been dominated by USDT.

Binance has already expressed its strong interest in playing a larger role in DeFi and on Sept. 1 the exchange debuted its Binance Smart Chain.

Binance chain allows DeFi protocols to run on top of it, with lower fees than the Ethereum blockchain and BNB staking is also available through the platform.

On Sept. 11, popular DeFi protocol, C.R.E.A.M. announced that it would shift to Binance Chain and unlike most DeFi platforms, the protocol supports y ...

Read full story on Cointelegraph