{"id":80337,"date":"2023-06-16T13:23:25","date_gmt":"2023-06-16T10:23:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80337"},"modified":"2025-09-11T16:24:47","modified_gmt":"2025-09-11T13:24:47","slug":"dai-overtakes-busd-in-the-stablecoins-ranking","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dai-overtakes-busd-in-the-stablecoins-ranking\/","title":{"rendered":"DAI overtakes BUSD in the stablecoins ranking"},"content":{"rendered":"

Binance USD (BUSD) market capitalization fell to $4.35 billion. In the stablecoins ranking, the asset ceded third place to DAI ($4.39 billion).<\/p>\n

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\"image-388\"
Data: CoinGecko<\/a>.<\/figcaption><\/figure>\n<\/div>\n
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\"image-389\"
Data: CoinGecko.<\/figcaption><\/figure>\n<\/div>\n

The reversal coincided with the collapse of FTX<\/a>. The negative trend in February 2023 was amplified by an order to cease issuing the stablecoin<\/a>, directed at Paxos, the exchange’s partner, by the NYDFS<\/span>. The firm stopped issuing new coins and will continue to support buybacks and conversions at least through February 2024.<\/p>\n

The negative momentum in BUSD capitalization continued amid pressure SEC<\/span> on Binance<\/a>. On June 5, the regulator brought 13 charges, including allegations of selling unregistered securities.<\/p>\n

Subsequently the agency requested from a court an emergency freeze<\/a> of Binance.US assets. The U.S. arm announced a halt of deposits<\/a> in dollars from June 13.<\/p>\n

According to Kaiko, after the filing of the suit, market depth for the 25 leading crypto assets on Binance.US fell by 78%<\/a>. Experts said that many major market makers left the platform, including Wintermute and Keyrock.<\/p>\n

In the week after the suit was filed, Binance’s stablecoins balance fell by $1.6 billion (~20%)<\/a>, according to Glassnode.<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance USD (BUSD) market capitalization fell to $4.35 billion. In the stablecoins ranking, the asset ceded third place to DAI ($4.39 billion).<\/p>\n","protected":false},"author":1,"featured_media":80338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1625,1099,807],"class_list":["post-80337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance-usd-busd","tag-dai","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80337"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80337\/revisions"}],"predecessor-version":[{"id":80339,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80337\/revisions\/80339"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80338"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}