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Stablecoin BUSD drops to fourth place in ranking

Stablecoin BUSD drops to fourth place in ranking

According to CoinMarketCap, the market capitalization of Binance USD (BUSD) has dropped by over $1 billion in the past 30 days, causing it to fall to fourth place among stablecoins. BUSD’s market cap currently stands at $4.3 billion, down 29% from $5.54 billion on May 18. The decline in BUSD’s market cap is attributed to major developments surrounding Binance, including the U.S. Department of Justice targeting the exchange and the SEC lawsuit against Binance for allegedly offering unregistered securities. Meanwhile, Tether (USDT) has climbed back to its all-time high, with a market dominance of 65.89%.

Summary:

– BUSD’s market cap has dropped by over $1 billion in the past 30 days, causing it to fall to fourth place among stablecoins.

– The decline in BUSD’s market cap is attributed to major developments surrounding Binance, including the U.S. Department of Justice targeting the exchange and the SEC lawsuit against Binance for allegedly offering unregistered securities.

– Tether (USDT) has climbed back to its all-time high, with a market dominance of 65.89%.

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