In a recent revelation, FTX, the once-prominent cryptocurrency exchange, has come under intense scrutiny for its financial dealings, particularly concerning the use of customer funds.
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Binance USD News
The stablecoin economy has shown resilience despite a relatively lackluster performance over the past 30 days, with fluctuations slightly above or below the $124 billion mark. In the past 24 hours, the global trade volume for fiat and commodity-pegged tokens reached an impressive $11.55 billion.
Over the past two months, an average of more than 30 million BUSD (Binance USD) tokens have been burned per day, indicating a major shift in the crypto market.
While the lawsuit primarily focuses on allegations that commodities exchanges are not registered in the U.S., it could have broader ramifications for Binance and the cryptoasset industry.
The Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has reiterated his stance that stablecoins and Ether are commodities and should fall under the purview of the CFTC.
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.
After Paxos, the blockchain company that minted the BUSD stablecoin, announced that it would no longer produce the dollar-pegged crypto asset, nearly $5 billion worth of BUSD stablecoins have been redeemed, reducing the overall supply of BUSD in circulation.
Bitcoin’s price has seen a significant surge over the past few days, gaining 6.3% just two days after reaching its lowest level in over three weeks.
Since Binance announced that USDC, existing or newly deposited Stablecoins such as USDC, USDP and TUSD in user accounts will be released.