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Binance Stablecoin BUSD Falls Below $10 Billion Market Cap for First Time

Published 03/03/2023, 03:30 PM
Binance Stablecoin BUSD Falls Below $10 Billion Market Cap for First Time

  • BUSD has shed more than 50% of its market cap since maxing out at its all-time high of $23.4 billion.
  • BUSD’s market cap is in freefall, and there is currently no way for it to turn around.
  • Despite regulatory pressure on Stablecoins in the U.S., other Dollar-pegged tokens are gaining market cap share.
Following the SEC’s issuance of a Wells notice to BUSD issuer Paxos, and subsequent demand to cease minting the stablecoin, BUSD’s market cap has been in freefall.

BUSD reached a peak market cap of $23.3 billion on November 16, 2022, following a consistent upward trajectory after its launch in September 2019. However, its market cap has dropped to $9.6 billion at publishing as tokens continue to be burned in light of the SEC’s ruling.

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