BUSD’s market cap falls to this level for the first time in 2 years

Philippines News News

BUSD’s market cap falls to this level for the first time in 2 years
Philippines Latest News,Philippines Headlines
  • 📰 CryptoAmb
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 68%

The market capitalization of BUSD has dropped below $10 billion. Rising regulatory scrutiny of Paxos and Binance is reportedly the cause of the lost market cap. Binance USD [BUSD] is the world’s third largest stablecoin by market capitalization. However, that market cap has shrunk considerably over the past few weeks. BUSD began the year with […]

Rising regulatory scrutiny of Paxos and Binance is reportedly the cause of the lost market cap.is the world’s third largest stablecoin by market capitalization. However, that market cap has shrunk considerably over the past few weeks. BUSD began the year with a market capitalization of $16.5 billion. Until press time, the figure had dropped more than 40% to $9.6 billion, the lowest it’s been in two years.

The controversies surrounding BUSD prompted American crypto exchange Coinbase to suspend the stablecoin’s trading on its platform starting 13 March 2023. The decision was announced earlier this week, where the exchange cited BUSD’s inability to meet their listing standards. In a recent interview with Bloomberg TV, Coinbase CEO Brian Armstrong explained that the liquidity concerns with BUSD prompted the decision to halt its trading. He said:

“The reason we did that was that Paxos, the issuer of BUSD, had been ordered to stop minting it, so we were concerned about liquidity issues for our customers.” Armstrong was referring to the order issued by the New York Department of Financial Services. Notably, the order directed Paxos to stop minting Binance USD. This order came just a few days after the Securities and Exchange Commission issued a Wells notice to the stablecoin issuer, informing it of potential enforcement action coming its way.Binance CEO Changpeng Zhao addressed the declining market capitalization of BUSD on 17 February.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Billiard Crypto launches new GameFi project on Binance Smart Chain – Canadian InvestorBilliard Crypto launches new GameFi project on Binance Smart Chain – Canadian InvestorBilliard Crypto launches new GameFi project on Binance Smart Chain CanadiansInvest
Read more »

Assessing BNB’s move following Binance’s launch of AI-infused NFT platformAssessing BNB’s move following Binance’s launch of AI-infused NFT platformBinance NFT trade volume remains low despite the announcement of Bicasso. Binance (BNB) also remains below the neutral line as the price drops. In its most recent NFT services, Binance looks to have tapped into artificial intelligence (AI), which has lately made its way into the cryptocurrency sector. It recently announced the launch of a […]
Read more »

Félix Auger-Aliassime falls to Lorenzo Sonego in second round of Dubai Tennis ChampionshipsFélix Auger-Aliassime falls to Lorenzo Sonego in second round of Dubai Tennis ChampionshipsThe elimination marks Félix Auger-Aliassime’s earliest exit at a tournament since he lost his first match at a season-opening tournament in Adelaide, Australia
Read more »

Smooshi the walrus leaving Marineland in Niagara Falls, Ont., for SeaWorld Abu Dhabi | CBC NewsSmooshi the walrus leaving Marineland in Niagara Falls, Ont., for SeaWorld Abu Dhabi | CBC NewsSmooshi the walrus and her calf, Koyuk, are leaving Marineland in Niagara Falls, Ont., for SeaWorld Abu Dhabi in United Arab Emirates, according to an activist who raised concerns about their health and safety years ago.
Read more »

Canada’s Shapovalov falls to Fritz, makes second-round exit at Mexican OpenCanada’s Shapovalov falls to Fritz, makes second-round exit at Mexican OpenAmerican Taylor Fritz drops Canada’s Denis Shapovalov 6-4, 6-4 at Mexican Open
Read more »



Render Time: 2025-03-19 20:47:47