TUSD Market Cap Grows, While BUSD Market Cap Falls

Binance USD or BUSD, a Binance-branded stablecoin issued by Paxos has seen market cap decreased from $22 billion to $8.4 billion in the past 3 months. This resulted from the U.S. Securities and Exchange Commission (SEC) is preparing to sue BUSD. Furthermore, the New York Department of Financial Services ordered Paxos to stop issuing new BUSD. Investors have redeemed $7 billion worth of BUSD to US dollar. On the other hand, TUSD market cap has been increasing to $1.2 billion.