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

• BUSD has shed greater than 50% of its market cap since maxing out at its all-time excessive of $23.4 billion.
• BUSD’s market cap is in freefall, and there’s presently no approach for it to show round.
• Regardless of regulatory strain on Stablecoins within the U.S., different Greenback-pegged tokens are gaining market cap share.

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

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

The favored stablecoin…

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