BUSD is now ranked fourth in market capitalization among stablecoins after a drop of over $1 billion over the past 30 days.
As of writing, BUSD market cap stands at $4.30 billion, down 29% from $5.54 billion on May 18. The stablecoin has been in a downward trend since December last year, when its market cap topped $23 billion.The decline in BUSD market cap parallels major developments surrounding Binance following FTX's dramatic collapse in November 2022. Last December, a report indicating Binance would be targeted by the U.S. Department of Justicewithin seven days.
A partnership between Binance and Paxos Trust created the BUSD stablecoin in September 2019. Paxos issues and owns the product, while Binance licenses its brand. For Paxos, the partnership brought new challenges. In February, the company was reportedly
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