WebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Facebook X (Twitter) LinkedIn Telegram
WebsCryptoWebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Bitcoin (BTC) $26,924.21 0.39%Ethereum (ETH) $1,668.44 0.96%BNB (BNB) $215.20 0.06%XRP (XRP) $0.521497 2.28%Cardano (ADA) $0.249497 0.22%Solana (SOL) $20.30 1.74%Dogecoin (DOGE) $0.062182 1.07%Polkadot (DOT) $4.08 0.12%Shiba Inu (SHIB) $0.000007 0.08%Dai (DAI) $1.00 0.05%TRON (TRX) $0.089111 2.67%Polygon (MATIC) $0.525735 1.14%Avalanche (AVAX) $9.17 0.95%Uniswap (UNI) $4.40 0.39%Litecoin (LTC) $65.65 0.64%
Crypto Prices
WebsCrypto
Business

Binance USD Market Cap Drops Below $10B Amidst Regulatory Concerns

By Simon LawsonMarch 3, 20232 Mins Read
Binance USD Market Cap Drops Below $10B Amidst Regulatory Concerns
Share
Facebook Twitter Telegram LinkedIn Reddit Email

Binance USD’s (BUSD) market cap has fallen below $10 billion for the first time in almost two years, as regulatory concerns in the United States have taken a toll on its token issuer. The planned delisting of BUSD from a major crypto exchange has added to the downward spiral of its market cap. As of March 3, BUSD’s market cap is at $9.66 billion, the lowest it has been since June 29, 2021.

The downfall of BUSD’s market cap began after it hit an all-time high of $23.49 billion on Nov. 15, just a few days after the collapse of FTX. Since then, the stablecoin’s market cap has been on a steep downward trajectory.

Advertisements

Most recently, BUSD has been the subject of a potential lawsuit against Paxos by the United States Securities Exchange Commission for a possible violation of investor protection laws. Since then, $6.65 billion has been shaved off BUSD’s market cap. Paxos was also ordered by the New York District of Financial Services to stop minting and issuing BUSD on Feb. 12, which may have contributed to the stablecoin’s market cap fall.

Coinbase has also announced that it will delist BUSD from its exchange on March 13 because the stablecoin “no longer meets our listing standards,” according to a Coinbase spokesman.

Related News:
  • Binance Announces New Stablecoin Amidst Plans to Discontinue BUSD Support
  • Bitcoin Plummets Below $26,000 as Major Cryptocurrencies Wipe Out Weekly Gains
  • DeFi Poised to Eclipse CeFi in Next Crypto Bull Market, Says Changpeng Zhao

The wider crypto market has also seen a fall in market cap, with many pointing to the recent controversy surrounding Silvergate Bank and the late filing of its annual 10-K financial report on March 1.

Binance CEO Changpeng “CZ” Zhao stated in a Feb. 14 Twitter Spaces event that he never thought highly of the Binance stablecoin project, adding that he thought it “may fail” when it first rolled out.

To account for the fall in demand for BUSD, Binance recently minted nearly $50 million worth of TrueUSD (TUSD) as the cryptocurrency exchange looks to diversify its stablecoin holdings.

Despite the drop in BUSD’s market cap, the stablecoin is still the 10th largest cryptocurrency in terms of market cap. The next crypto token on the list is Solana SOL 1.74% (SOL), with $7.98 billion in market cap.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Binance Binance USD Coinbase Cryptocurrency Exchange FTX SEC Solana Stablecoin
Simon Lawson
  • X (Twitter)

Simon Lawson has been a professional financial reporter for 6 years. He has in-depth research on the crypto industry and will release major crypto news in a timely manner.

Recommended Reading

Business September 28, 2023

Chase UK Takes a Firm Stance Against Cryptocurrency Transactions Amid Rising Scams

News September 28, 2023

Inflationary Market Bitcoin and Ethereum Remain Steady as Correlation with U.S. Stocks Rises

Markets September 28, 2023

Bitcoin Soars 80% This Year, Outpacing Global Stocks Amid U.S. Banking Crisis and Diminishing Binance Concerns

Markets September 28, 2023

Texas Takes the Lead in Bitcoin Mining, Accounting for 28.5% of US’s Hashrate

News September 27, 2023

Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community

News September 27, 2023

Federal Reserve Report Explores Financial Stability Implications of Tokenized Assets, Citing Growth and Interconnectivity Concerns

The Latest
Business September 28, 2023

Chase UK Takes a Firm Stance Against Cryptocurrency Transactions Amid Rising Scams

News September 28, 2023

Inflationary Market Bitcoin and Ethereum Remain Steady as Correlation with U.S. Stocks Rises

Markets September 28, 2023

Bitcoin Soars 80% This Year, Outpacing Global Stocks Amid U.S. Banking Crisis and Diminishing Binance Concerns

Markets September 28, 2023

Texas Takes the Lead in Bitcoin Mining, Accounting for 28.5% of US’s Hashrate

News September 27, 2023

Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community

EDITOR’S CHOICE
Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community
Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn
Robert Kiyosaki: Cryptocurrency is the Future, Fiat Money is on the Decline
Chase UK Takes a Firm Stance Against Cryptocurrency Transactions Amid Rising Scams
News
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Markets
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Price Indexes
  • Market Cap
  • Bitcoin Price
  • Ethereum Price
  • Cardano Price
  • Solana Price
  • Polkadot Price
  • Polygon Price
Services
  • About Us
  • Contact Us
  • Advertise
  • Privacy Policy
  • Terms of Service
WebsCrypto
X (Twitter) Facebook Telegram LinkedIn RSS
© 2023 WebsCrypto

Type above and press Enter to search. Press Esc to cancel.