Dai exceeds Busd in the regulatory dispute between Binance and Sec

Dai exceeds Busd in the regulatory dispute between Binance and Sec

The Dai Stablecoin has overtaken the BusD with a circulation of around 4.6 billion US dollars, in the middle of increasing legal problems for the world's largest crypto exchange.

The market capitalization of Busd has dropped to $ 4.3 billion due to the regulatory drama.

• According to the data from CoinmarketCap, the BusD circulation has decreased by over 70 % since the beginning of the year. During the same period, the spread of DAI, but only by 20 %.
• Busd was launched in 2019 under the roof of the “Project Venus” by Binance. Although the crypto exchange does not publish the stable coin, it has been in a downward spiral for several months.
• The first big blow for the development of Busd was the step of Paxos to cease the stable coin at the end of February on the instructions of the US New York Department of Financial Services (NYDFS).
• In March, the Commodities Futures Trading Commission (CFTC) filed a lawsuit against the stock exchange for inadmissible licensing and offering false financial products for US consumers.
• The subsequent lawsuit of the second against Binance forced the crypto exchange Busd trading couple from its margin trading platform.
• While Busd has demonstrated impressive resistance in view of the turbulence and he managed to claim his position among the three most important stable coins for several months, the recent increase in the burn rate finally pressed its offer under that from DAI.
• In detail, the ongoing regulatory attacks on the industry have led to a decline in the entire StableCoin market, which can be assessed as a sign that capital flows out of the area of ​​digital assets, and as a worrying trend.
• The deviation of the USDT from the $ 1 binding this week further fueled the fudent counts, but the CTO of Tether assured users that the company is ready to redeem any amount.