{"id":46186,"date":"2023-03-03T05:41:25","date_gmt":"2023-03-03T09:41:25","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=46186"},"modified":"2023-03-03T05:41:27","modified_gmt":"2023-03-03T09:41:27","slug":"busd-market-cap-falls-below-10b","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/busd-market-cap-falls-below-10b\/","title":{"rendered":"BUSD market cap falls below $10B"},"content":{"rendered":"\n

For the first time in almost two years, Binance's USD<\/a> (BUSD) market cap has dropped below $10 billion from its all-time high of $23.49 billion, set on Nov. 15, 2022.<\/p>\n\n\n\n

\"BUSD
BUSD market cap falls below $10B<\/figcaption><\/figure>\n\n\n\n

Binance Due to a scheduled delisting from a major cryptocurrency exchange and a legal crackdown on its token issuer in the United States, USD's market cap has dropped below $10 billion.<\/p>\n\n\n\n

Since reaching an all-time high market valuation of $23.49 billion on Nov. 15, a few days after the shocking collapse of FTX, BUSD's market cap has been on a sharp decline.<\/p>\n\n\n\n

Since June 29, 2021, the stablecoin's market cap \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>has dropped to $9.66 billion as of March 3.<\/p>\n\n\n\n
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Market cap of Binance USD (BUSD) over the last 12 months. Source:\u00a0CoinGecko.<\/figcaption><\/figure>\n\n\n\n

BUSD was most recently the focus of a prospective lawsuit against Paxos by the US Securities and Exchange Commission on February 12 due to a suspected breach of investor protection regulations. Since then, BUSD's market capitalization has decreased by $6.65 billion.<\/p>\n\n\n\n

The New York Department of Financial Services<\/a> also issued a directive to Paxos on February 12 to halt minting and issuing BUSD, which is likely what caused the stablecoin's market cap to decline.<\/p>\n\n\n\n

BUSD will be removed from Coinbase's exchange on March 13 due to the stablecoin “no longer meeting our listing requirements,” a Coinbase official said earlier this week.<\/p>\n\n\n\n

With many citing the current issue surrounding Silvergate Bank and the delayed release of its annual 10-K financial report on March 1, the overall cryptocurrency market has also suffered a decline in market cap.<\/p>\n\n\n\n

The Binance-branded stablecoin soon overtook Tether USDT and USD Coin to claim a third place among stablecoins after its September 2019 introduction.<\/p>\n\n\n\n

According to the market cap, the stablecoin is presently ranked 10th among all cryptocurrencies. Solana, with a market capitalization of $7.98 billion, is the next cryptocurrency on the list.<\/p>\n\n\n\n

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The largest stablecoins by market cap. Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n\n\n\n


Intriguingly, Binance CEO Changpeng “CZ” Zhao said during a Twitter Spaces event on February 14 that he never had high expectations for the Binance stablecoin project and had even predicted that it “may fail” when it initially launched.<\/p>\n\n\n\n

\n

BUSD market cap dropped -$2.45B (from 16.1B to 13.7B as of now), and most of it has moved to USDT.

USDT marketcap + 2.37B (From 67.8B to 70.1B)

USDC also declined -739M (from 42.3B to 41.5B)

Landscape is shifting.

(Note: BUSD is NOT issued by Binance.) pic.twitter.com\/kVrZUYjuOh<\/use><\/svg><\/span><\/a><\/p>— CZ \ud83d\udd36 BNB (@cz_binance) February 17, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

While the cryptocurrency exchange seeks to diversify its stablecoin holdings, Binance recently issued approximately $50 million worth of TrueUSD (TUSD) to make up for the decline in demand for BUSD.<\/p>\n","protected":false},"excerpt":{"rendered":"

For the first time in almost two years, Binance’s USD (BUSD) market cap has dropped below $10 billion from its all-time high of $23.49 billion, set on Nov. 15, 2022. Binance Due to a scheduled delisting from a major cryptocurrency exchange and a legal crackdown on its token issuer in the United States, USD’s market […]<\/p>\n","protected":false},"author":12,"featured_media":41171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[834],"tags":[326,1970,2086],"class_list":["post-46186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-binance","tag-busd","tag-market-cap"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/image-131.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=46186"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/41171"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=46186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=46186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=46186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}