As risk-off sentiment continues to dominate cryptocurrency trading patterns, investors are putting more money into what they hope is a safe haven: stablecoins. Stablecoin trading volume has been on the rise since news of FTX’s collapse broke and fears of contagion rocked the industry.
Daily stablecoin trading volume surpassed $200 billion on Nov. 5, when concerns about FTX’s liquidity spiked, and on Nov. 8, when it looked like Binance might buy FTX, according to data from CoinGecko. Stablecoins USDT and BUSD led the volumes as the deal collapsed and FTX headed for bankruptcy.
But of the two, BUSD volume is the one surging, according to Galaxy Digital, in a report published Friday.
(By CASEY WAGNER)