Binance USD (BUSD) Supply Slumped 60% Since SEC Enforcement Action

The supply of the branded stablecoin BUSD is dwindling fast as crypto traders ditch the beleaguered asset.

The third biggest stablecoin, BINANCE usd (bus d), is in rapid decline that its offer has decreased by 60% since mid-February.

The third biggest stablecoin, Binance USD (BUSD), is in rapid decline as its supply decreased by 60% since mid-February.

BUSD's market share is falling.

Moreover, its market share also decreased from approximately 20 % last year to 7,3 %. The decentralized makerdao stablecoin is the fourth in importance, with approximately half of the bus supply at 5 billion dollars. As investors pivot, the EXODUS has increased ’s (USDT) market share to 52%.

Bus departure was caused by US titles and foreign exchange (sec). on Feb. 13 the agency took action against the issuer of the Binance stablecoin, Paxos.

In its usual modus operandi, the federal regulator classified it as a security even though stablecoins have yet to be officially classified as such.

As a result, the New York-regulated crypto firm announced that it would no longer be minting BUSD.

As a result, the crypto company regulated by New York announced that it would not hit BUSD anymore.

According to analysts, the outflow could act as a “drag on the financial performance of Binance,” reported London’s Financial Times on March 1.

“This will probably hurt Binance’s bottom line as BUSD is a significant part of the business,” said Ilan Solot, co-head of digital assets at Marex Solutions.

Research head at data provider CryptoCompare, David Moreno Darocas, said:

“If Binance does in fact generate 90 percent of its revenue from transaction fees, then it is likely that a reduction in overall volumes will put some strain on the exchange’s revenue,”

Furthermore, COINBASE also announced that it would delist BUSD because the stablecoin “no longer met our listing standards”.

Pic.twitter.com/fV2BFNwy3— Duet Nine? discord.gg/ycc (@DU09BTC) Feb 27, 2023.

Industry observers have hinted that this was an indirect attack on Binance, while American regulators have taken the lead in their war on cryptography. In addition, he added that the binance was intended to support the largest number of other stablecoins possible.

Indigenous coin binary, fell 4% in the past week, plunging below $300 during the Asian trading session on Thursday morning.

The Binance native coin, fell 4% in the last week, plunging below $300 during the Asian trading session on Thursday morning.

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