• Dogecoin surpasses Binance USD (BUSD) for the first time in global market cap.
• BUSD has been in the hot seat this month due to SEC forbidding Paxos from minting new coins and Circle’s allegations of mismanagement.
• BUSD’s market cap has dropped from $22.5 billion to $11.4 billion since November 2022.
Dogecoin Overtakes Binance USD
Dogecoin (DOGE) has reclaimed its spot in the TOP 10 by global market capitalization after surpassing the popular open-source memecoin, Binance USD (BUSD). DOGE slipped by 2.2% despite its unusual achievement.
Circle Accuses Binance of Misdirected Management
Close competitors Circle recently informed the Securities and Exchange Commission (SEC) about alleged mismanagement of the Paxos-issued stablecoin, which led to $3 billion of BUSD moving away in 6 days. This was 10 days after a Dogecoin Foundation member warned all Dogecoin holders about BUSD and advised them to switch to a DeFi solution instead.
Binance Delists USDC
In September, leading crypto platform Binance delisted USD Coin (USDC), automatically converting all assets to BUSD instead as it served as the default cryptocurrency in their user interface for a while then. Two months later, Circle admitted that quarterly losses and miscalculations in the balance were directly attributable to this delisting of USDC.
SEC Forbids Paxos from Producing More Stablecoins
The official ban on minting new stablecoins issued by Paxos cut down on Binance USD’s global market capitalization from 22 billion dollars on November 27th, 2022 to 11 billion dollars today – February 24th, 2023 at 5 PM GMT . Most of these funds were moved into Tether’s USDT coin instead with its own global cap increasing by over 2 billion dollars within that same timeframe – going up from 67 billion dollars to 70 billion dollars currently today .
The recent events have caused significant changes within the cryptocurrency landscape with both USDC’s and BUSD’s respective Global Market Caps decreasing drastically as well as Tether’s increasing significantly – presenting an interesting shift overall across multiple digital assets within such a short period of time – specially considering how DOGE managed to overtake them so quickly with its own success story amidst all this chaos at large .