BUSD falls to fourth position among stablecoins

The dollar-pegged Binance USD (BUSD) stablecoin sits now at the fourth position in market capitalization amongst other stablecoins following a dip of over $1 billion in the previous 30 days, data from CoinMarketCap shows.As of composing, BUSD market cap stands at $4.30 billion, down 29% from $5.54 billion on May 18. The stablecoin has remained in a down trend because December last year, when its market cap topped $23 billion.Top stablecoins by market capitalization on June 17. Source: CoinMarketCapThe decrease in BUSD market cap parallels major advancements surrounding Binance following FTXs significant collapse in November 2022. Last December, a report suggesting Binance would be targeted by the U.S. Department of Justice resulted in net withdrawals of $3.6 billion within 7 days. The exchange saw big BUSD redemptions from market makers, including more than $245 million from Jump Finance.A partnership in between Binance and Paxos Trust produced the BUSD stablecoin in September 2019. Paxos problems and owns the item, while Binance licenses its brand name. For Paxos, the collaboration brought new challenges. In February, the business was reportedly served a Wells Notice from the U.S. Securities and Exchange Commission alleging that Binance USD was an unregistered security. Related: Stablecoins 101 – What are crypto stablecoins, and how do they work?The examination led the New York Department of Financial Services (NYDFS) to buy Paxos to stop the issuance of BUSD. Together, these episodes took a significant bite out of BUSDs market share, from $15.88 billion on February 12 to $8.38 billion on March 13. The most recent blow came from the SEC suit against Binance on June 5 for allegedly providing unregistered securities. The U.S. regulator pressed 13 charges versus the exchange, consisting of unregistered deals and sales of the BNB and BUSD tokens. Binance USD (BUSD) market share in 12 months. Source: CoinMarketCap.The market dominance of stablecoins pegged to the U.S. dollar has actually gone through some modifications over the past year, with Tether (USDT) climbing up back to its all-time high, while many stablecoins are declining.Circles USD Coin (USDC) saw its market share decline from 34.88% in May 2022 to 23.05% in May 2023. Market participation of BUSD plunged from 11.68% to 4.18% in the exact same period, while Dais (DAI) share of the crypto market was at 3.66%, down from 4.05% in May 2022. Tethers USDT, on the other hand, is getting traction. The stablecoins market supremacy stood at 65.89% in May, up from 47.04% a year ago. Its market capitalization has risen to $83.1 billion, while USDCs market cap has dropped from a peak of $55 billion to $29 billion.Magazine: Crypto regulation– Does SEC Chair Gary Gensler have the final say?

The dollar-pegged Binance USD (BUSD) stablecoin sits now at the 4th position in market capitalization amongst other stablecoins following a dip of over $1 billion in the past 30 days, data from CoinMarketCap shows.As of composing, BUSD market cap stands at $4.30 billion, down 29% from $5.54 billion on May 18. The stablecoin has been in a down trend given that December last year, when its market cap topped $23 billion.Top stablecoins by market capitalization on June 17. Source: CoinMarketCap.The market supremacy of stablecoins pegged to the U.S. dollar has actually undergone some changes over the past year, with Tether (USDT) climbing up back to its all-time high, while many stablecoins are declining.Circles USD Coin (USDC) saw its market share decrease from 34.88% in May 2022 to 23.05% in May 2023.