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BUSD’s market cap falls to this level for the first time in 2 years

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Binance USD [BUSD] is the world’s third largest stablecoin by market capitalization. However, that market cap has shrunk considerably over the past few weeks.

BUSD began the year with a market capitalization of $16.5 billion. Until press time, the figure had dropped more than 40% to $9.6 billion, the lowest it’s been in two years.

While BUSD is not owned or issued by Binance, the crypto exchange’s performance and controversies have a considerable effect on the stablecoin.

The increasing scrutiny of Binance’s finances and operations, paired with the regulatory crackdown on BUSD issuer Paxos Trust Company, has made things difficult for the stablecoin.

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