Binance-Branded BUSD Stablecoin Loses $1 Billion in Market Cap, Drops to Fourth Position Among Stablecoins

June 18 (Cointime) - Binance's BUSD stablecoin has experienced a $1 billion drop in market cap, putting it in fourth place among stablecoins. Its current market cap is around $4.3 billion, down from $5.5 billion a month ago. The decline follows the New York Department of Financial Services ordering Paxos, the crypto firm that issues the stablecoin, to stop minting BUSD tokens due to unresolved issues related to Paxos' relationship with Binance. The SEC has also launched lawsuits against Binance and CEO Changpeng Zhao, accusing the firm of illegally operating a securities exchange.

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