Head of FTX Sam Bankman-Fried (SBF) reportedly claimed that the surge of stablecoin Binance USD (BUSD) may ignite the “Second Great Stablecoin War,” with how fast its market cap grew over recent months. 

Specifically, Bankman-Fried’s recent remarks reportedly surfaced a month following Binance’s effort to ramp up its plans for the auto-conversion of a vast array of stablecoins supported on its exchange into BUSD – which saw BUSD’s share of the total stablecoin market increasing since. 

BUSD’s share of the overall stablecoin market reportedly experienced an incline from 10.01% on Sept. 7 to 15.48% on Oct. 22, per insights from crypto data aggregator Coin Metrics.

Meanwhile, BUSD’s market cap climbed up 3.3% throughout the last 30 days to $21.7 billion, with the stablecoin only trailing Tether USD (USDT) at $68.4 billion and USD Coin at $43.9 billion.

Speaking on the asset’s development after the initiative, the FTX CEO stated in a tweet that “Binance converts USDC –> BUSD, and we see the change in supplies,” adding “thus begins the second great stablecoin war.”

Bankman-Fried additionally claimed that the first “Stablecoin War” took place between five stablecoins in 2018, with USDT and USDC emerging as the two current leaders. 

Today, USDT is still in the top spot by a rather wide margin, 48% share of the stablecoin market, though it has plummeted from 88% versus two years ago, while USDC has grown in market share from 10% to 32% in the same period. 

Binance’s stablecoin rise is even more prominent, however, growing more than 30x from 0.5% to 15.48% in the same time frame. 

SBF further revealed that as BUSD carries on edging its way into the market as the big centralized players combating for dominance, there will likely be more projects surfaacing in the “non-fiat-backed-stablecoin space” also.