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Binance USD Stablecoin Market Cap Falls Below $10B After Coinbase Delisting

Binance USD, the Paxos-issued stablecoin under the brand of the world’s largest crypto exchange by trading volume, fell to $9.5 billion market capitalization on Friday, data from CoinGecko shows.

This is the first time BUSD’s circulating supply has gone below $10 billion since June 2021.

U.S.-based crypto exchange giant Coinbase announced this week that it will pause trading of BUSD on the platform starting March 13. Coinbase chief executive Brian Armstrong cited liquidity concerns for delisting the stablecoin.

“Coinbase's decision to delist was likely made as a precaution in anticipation of a future drop in liquidity or operational concerns around redemptions,” Clara Medalie, director of research at crypto market research firm Kaiko, told CoinDesk.

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