DAI climbs to third place in the stablecoin ranking
In early March, the capitalization of the stablecoin Binance USD (BUSD) fell below $10 billion for the first time since June 2021.
In the following months, the outflow of funds from this token intensified, and in June its market supply decreased to $4.297 billion.
BUSD fell out of the top three stablecoins last week, giving way to the DAI coin. Its capitalization on June 18 reached $4.625 billion.
Since the beginning of 2023, the supply of BUSD has decreased by more than 70%. During the same time, investments in DAI, on the contrary, increased by about 20%, according to data from the CoinMarketCap service.
The BUSD stablecoin was launched in 2019. In February, Paxos announced that it was ceasing to issue this token under pressure from the New York City Department of Financial Services. After that, traders began to massively leave the digital asset.
Tether (USDT) and USD Coin (USDC) take the first and second places in the ranking of fiat-pegged digital currencies. Their capitalization is just over $83.158 billion and $28.346 billion, respectively.
