Due to recent events from the US, the market cap of Binance USD (BUSD) has fallen below the market cap of MakerDAO’s stablecoin DAI.
The production of stablecoin BUSD, issued by Paxos using Binance’s name, is approximately 4 months ago New York Department of Financial Services (NYDFS) was suspended by decision. Since then, Binance has delisted almost all BUSD pairs, while stablecoin usage has dwindled considerably.
later of the US Securities and Exchange Commission (SEC) After describing BUSD as a security in its lawsuit against Binance stablecoin’s burn rate gains momentum decrease in its use has also increased.
BUSD eventually suffered a sustained decline in value. Once over Tether (USDT) And USD Coin (USDC) BUSD, which is in third place, 95 million dollar worth With the last burn, it fell behind DAI.
BUSD at market cap since the beginning of this year, according to Coinecko data 70% DAI in decline 20% off suffered a loss of value. Also, BUSD 24 hours in 174 million devalued over $$ and is among the most valuable stablecoins 4th place declined. As of writing, BUSD total market value 4.337 billion recorded in dollars.
Separately from the SEC Binance case, he sent a letter to Paxos in February. In the Wells statement, of BUSD securities claiming to be from the issuer on this one defense had requested.