The supply of BUSD has decreased drastically in the last six months; as of June 26, its capitalization is $4.243 billion, having decreased by 18% in the month of May alone.
This puts it in second place in terms of fiat-backed digital currency, barely behind DAI, which has a market capitalization of $4.717 billion.
Binance’s introduction of TrueUSD (TUSD) on the Ethereum blockchain has complicated matters further; it is now the fifth largest fiat-backed digital currency with a supply of $3.1 billion.
A lawsuit from the Securities and Exchange Commission (SEC) has resulted in Paxos ceasing the issuance of BUSD tokens, with holders of the stablecoin still able to convert it to fiat until February 24, 2024.
