BUSD market cap down 90% from all-time high, Binance closing positions

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By BitcoinWiki News

Key Takeaways:

  • BUSD’s market capitalization has fallen 90% from its all-time high of $23.49 billion on Nov. 15, 2022.
  • The stablecoin’s current market cap is around $2 billion — down over $21 billion from its all-time high.
  • BUSD-issuer Paxos faced regulatory actions from the SEC and the New York District of Financial Services in early 2023.
  • First Digital USD stablecoin’s market share continues to grow, with a market cap of over $470 million.
  • Binance has encouraged users to convert their BUSD balances to FDUSD, offering zero trading fees or a 1:1 conversion ratio.
  • Binance and Paxos have announced plans to phase out support for BUSD gradually.
  • CoinGecko’s Q3 Crypto Industry Report shows a significant drop in market cap for major stablecoins, including BUSD.
  • Tether’s USDT market cap remained flat in Q3, with a 2.6% gain in stablecoin market share.

The market capitalization of BUSD has dropped 90% from its all-time high, currently standing at around $2 billion. This decrease in value can be attributed to regulatory actions against its issuer, Paxos. Meanwhile, the market share of First Digital USD stablecoin is growing, with a market cap of over $470 million. Binance has encouraged users to convert their BUSD balances to FDUSD and both Binance and Paxos have announced plans to phase out support for BUSD. CoinGecko’s Q3 report highlights a significant decline in the market cap of major stablecoins, with BUSD experiencing the largest percentage decline. Tether’s USDT remained flat in Q3.

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