CZ Informs About Decline In BUSD Market Cap

February 17, 2023 Story: Divya Sinha

Binance CEO Changpeng Zhao addresses the decline in market capitalization of Binance USD.

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The decline is due to the US SEC investigation into crypto firm Paxos, which issues the stablecoin BUSD.

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He in his tweet posted a graph and wrote that about $2.5 billion flowed out from BUSD in a few days.

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He added that most of the money has moved from Binance USD into USDT i.e Tether.

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CZ detailed that the USDT market cap is up by 2.37 billion.

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He also mentioned about the decline in the market cap of USDC by about 739 million.

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After sharing the above data, CZ wrote that the landscape is shifting. He again highlighted that BUSD is not issued by Binance.

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