• Dogecoin (DOGE) surpasses Binance USD (BUSD) in global market capitalization.
• Circle alleges mismanagement of the Paxos-issued stablecoin Binance USD.
• SEC’s ban on minting new BUSD stablecoins cut its market cap in half from November 2022.
Dogecoin Flips Binance USD Stablecoin
Dogecoin reclaims its spot in the TOP 10 by global market cap, surpassing the leading CeFi platform’s stablecoin – Binance USD (BUSD). Despite a slight 2.2% drop in price, DOGE made the most out of a fuss surrounding the coin and surpassed its competitor’s market share for the first time.
Circle Alleges Mismanagement of BUSD
Close competitors Circle informed the Securities and Exchange Commission (SEC) about Binance’s mismanagement of their Paxos-issued stablecoin, resulting in over $3 billion worth of assets moved away in 6 days. This was further intensified when USDC was delisted from Binance, converting all assets to their own token – which resulted in quarterly losses for Circle.
SEC Ban on Minting New Stablecoins
The SEC officially forbade Paxos from producing any more BUSD tokens, causing a dramatic decline in its global market capitalization from $22,527 to only $11,424 billion since November 27th 2022. As a result, most of these funds were transferred to Tether’s USDT token which saw an increase of $2.37 billion during this period.
USDC Market Cap Also Declined
USDC also declined by -739 million dollars during this time period from 42.3 billion to 41.5 billion dollars due to similar issues regarding delisting and miscalculations within balance sheets between competitors USDC and BUSD .
Crypto History In The Making?
With recent events occurring between both coins and their respective platforms it could be argued that this is just history being made between two major players within the cryptocurrency space – with Dogecoin ultimately coming out on top as victors against their fierce competitors within CeFi platforms like Binace.