Market Cap for Binance Stablecoin BUSD Plummets 43% in 30 Days
Binance’s third-place ranking as the market’s largest stablecoin may soon change. On February 13, Paxos Trust, the stablecoin’s operator, announced that it would stop minting the Binance-branded stablecoin BUSD. The move followed more news that the SEC intended to sue Paxos for violating investor protection laws.
Stablecoins are cryptocurrencies pegged to fiat currencies, like the dollar or the euro. It's one of crypto's largest markets, with a cumulative capitalization of more than $136 billion. Coinbase told customers on Monday that it would also suspend trading for Binance USD within the month. The crackdowns and delistings have since seen investors flee BUSD, leading to the asset’s market plummeting from roughly $16 billion on February 13 to roughly $9 billion today, per CoinGecko. And just as they opt out of BUSD, it would appear that investors are turning to an alternative.
Source
@CryptoWorldAnalysis
