Binance Stablecoin BUSD Falls Below $10 Billion Market Cap for First Time

Binance Stablecoin BUSD Falls Beneath $10 Billion Market Cap for First Time

  • BUSD has shed bigger than 50% of its market cap since maxing out at its all-time high of $23.4 billion.
  • BUSD’s market cap is in freefall, and there could be currently no blueprint for it to flip around.
  • In spite of regulatory stress on Stablecoins within the U.S., assorted Dollar-pegged tokens are gaining market cap fragment.

Following the SEC’s issuance of a Wells survey to BUSD issuer Paxos, and subsequent query to quit minting the stablecoin, BUSD’s market cap has been in freefall.

BUSD reached a height market cap of $23.3 billion on November 16, 2022, following a fixed upward trajectory after its inaugurate in September 2019. Nevertheless, its market cap has dropped to $9.6 billion at publishing as tokens continue to be burned in gentle of the SEC’s ruling.

The standard stablecoin…

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