Moreover, the market cap of BUSD has fallen 18% to $13.2 billion since Paxos stopped minting the stablecoin, according to the report.
Furthermore, the Securities and Exchange Commission has informed Paxos that it intended to sue it for violating investor protection laws. According to the notice, BUSD is an unregistered security. BUSD is listed on several exchanges, including Paxos.In February, USDT’s stablecoin’s market share increased from 48.7% to 51.7%, the highest level since October 2021.
Following the SEC’s move against the BUSD, Paxos’ stablecoins experienced significant outflows. This resulted in a 15.8% and 24.37% drop in the market capitalizations of BUSD and
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