Dogecoin Flips Binance USD Stablecoin, BUSD Loses 50% Market Cap

• Dogecoin overtook Binance USD in market cap for the first time.
• This happened after a move from Binance delisting USDC and mismanagement of BUSD.
• The SEC is forbidding Paxos, the stablecoin issuer, from producing any more BUSD which caused its market cap to drop by 50%.

Dogecoin Overtakes Binance USD

Dogecoin reclaimed its spot in the TOP 10 by global market cap, surpassing long-time leader Binance USD (BUSD). Close competitors Circle revealed that mismanagement of the Paxos-issued stablecoin was the cause of this unusual achievement.

Binance Delists USDC

Binance delisted USD Coin (USDC) in September, automatically converting all of the assets to BUSD. However, two months later Circle publicly admitted that quarterly losses and miscalculations in the balance were directly attributable to this decision.

SEC Forbids Minting New BUSD Stablecoins

The Securities and Exchange Commission (SEC) has officially forbidden Paxos, the stablecoin issuer, from producing any more BUSD tokens. As a result, Binance USD’s market cap dropped by 50%, from $22,527 billion on November 27th 2022 to $11,424 billion at present.

Most Funds Moved To Tether

Most of these funds have been moved away to another major stablecoin – Tether (USDT). The latter saw an increase in its global marketcap by +$2.37 billion , rising from $67.8 billion to $70.1 billion since November last year.. Similarly sized USD Coin also declined -739M (from 42.3B to 41.5B).

Crypto History In The Making?

This development may be seen as a historic moment for cryptocurrency as Dogecoin overtook one of crypto’s leading players for the first time ever – despite slipping 2.2% itself at press time and warnings against using it from some members within its community foundation just days before this momentous event took place..