Binance USD (BUSD) is the best-performing stablecoin among the top three stablecoins, as its supply dominance increased by 6% on the year-to-date metrics to 16%.
The Binance-backed stablecoin has seen its supply grow from $18 billion at the start of the year to $22 billion as of press time. Its growth was largely pushed by Binance’s decision to convert the USDC balance of its users into BUSD.
Source: Glassnode
Tether supply dominance drops
Glassnode data, as analyzed by CryptoSlate, showed that Tether’s USDT saw its dominance cut to 50% from 54%. Tether’s market cap started the year at over $78 billion, peaking at $84 billion in early May.
Terra’s UST implosion during this period severely impacted trust in other stablecoins and the broader crypto market.
During this period, USDT experienced a mini bank run that saw it honor about $10 billion in redemptions over two weeks. The stablecoin also temporarily lost its peg as many questions were being asked about its reserves.
While T
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