It seems that the days of BUSD are numbered. The market cap of the third largest stablecoin keeps going down.
It all started back in December, when there was simply a FUD on Binance after the FTX collapse and a lot of funds were withdrawn from the exchange.
But now we have the SEC entering the arena and it has mandated the company issuing BUSD, Paxos, to stop doing that.
This means from now own, BUSD will only be withdrawn, but no new deposits are allowed, that will reduce the market cap of the token.
At the begging of December 2022, the market cap of BUSD was around 22B and it was the only stabllecoin that has increased its supply in the bear market condition of 2022.
But, things have changed fast, and now the BUSD market cap stands to a 13B and keeps declining with each passing day.