For the first time since June 2021, the market supply of the stablecoin Binance USD (BUSD) fell below $10 billion. If on Friday the capitalization of the digital asset was about $9.5 billion, then on Sunday it fell to $9.172 billion.
At the same time, BUSD is still ranked third in the stablecoin ranking after Tether (USDT) and USD Coin (USDC).
The rapid drop in the capitalization of the token was a direct result of the decision of Paxos to stop issuing it. The corresponding statement was made by the issuer on February 13, referring to the order of the New York Department of Financial Services (NYDFS).
Industry media also previously reported that the Securities and Exchange Commission (SEC) planned to sue Paxos for issuing unregistered securities, to which it attributed the BUSD stablecoin.
Since the middle of last month, investors have withdrawn about $6.7 billion from Binance USD, according to Nansen.
Last week, Coinbase announced that it was no longer trading this stablecoin.
The CEO of the American crypto exchange, Brian Armstrong, said that he made this decision due to fear that the capitalization of BUSD will decline in the medium term.
