2023-03-01
On Feb 27, Coinbase announced that it
will suspend and possibly delist BUSD from trading, suspension effective on
March 13, 2023. Binance USD or BUSD is a Binance-branded stablecoin issued by
Paxos. Coinbase said that BUSD does not meet the listing standard anymore. It explained the reason claiming that in mid-February, Paxos, the company
that issued BUSD for Binance was ordered by U.S. Securities and Exchange Commission (SEC) to stop issuing more BUSD.
Over the past 30 days, BUSD market cap
has seen a sharp drop from $16 billion to $10 billion. However, it is still the
third largest stablecoin by market cap. Binance is facing regulatory scrutiny from
SEC. It responses to this problem by putting focus on True USD (TUSD). Binance
has minted over $130 million worth of TUSD. Recently, TUSD became the fifth
largest stablecoin by market cap.
