The stablecoin of the Binance cryptocurrency exchange has reached its historical maximum

The press service of the cryptocurrency exchange Binance has reported that the total capitalization of the Binance USD (BUSD) stablecoin has broken its historical maximum, exceeding $ 20 billion. According to the firm’s representatives, this became possible after the cryptocurrency platform announced the launch of an automatic conversion service for USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) into BUSD. At the beginning of the week, the market capitalization of BUSD was $ 20.05 billion. Thus, this stablecoin took the 6th place in the ranking of the top 100 best cryptocurrencies by market capitalization.

As for other stablecoins, Tether (USDT) still has a stable peg to the US dollar at a ratio of 1:1. The cryptocurrency’s total capitalization is $ 67.73 billion. USD Coin (USDC) recorded a total supply of coins worth $ 51.58 billion. At the same time, over the past day, market participants have secured a transaction volume of $ 6.52 billion using the digital asset. As for the rate of the main cryptocurrency of the Binance exchange — Binance Coin (BNB) — the asset is trading at $ 296.73. Over the past day, BNB has risen in price by 0.44%, and its capitalization has reached $ 47.85 billion.

At the end of last week, Binance introduced a new product to the community — Binance Account Bound (BAB) identification tokens. They can be minted by all customers of the cryptocurrency exchange who have registered and passed KYC verification. The token will store users' credentials in the BNB network, which will allow them to use all the products of the decentralized cryptocurrency ecosystem without any hindrance. Binance has also published instructions for customers on how to mint the BAB token.