BUSD capitalization had fallen to $4.35 billion, dropping the stablecoin to third place in the ranking, after DAI ($4.39 billion).
A peak of $23.36 billion was hit back in November 2022, which means a decrease of 81.4% by February 2023.
This coincided with the suspension of BUSD issuances by theNYSE Department of Finance Services to Paxos.
Following the charges of thirteen violations, including the sale of unregistered securities, against Binance, an emergency freeze of assets from the US branch was requested by the SEC.
As a consequence, dollar deposits were suspended as of June 13, leading to a 78% decline in the market depth, due mainly to the exit of large market makers like Wintermute and Keyrock. BUSD balance dropped by $1.6 billion (~20%) after the SEC filing.
