Tether’s USDT, the largest stablecoin by circulating supply, has gained some $1 billion in market capitalization as crypto investors flee rival Binance USD (BUSD), which fell under regulatory scrutiny earlier this week.

Tether’s recent gains come as BUSD, which is issued by Paxos under the exchange giant Binance’s brand, has been rapidly shrinking.

Blockchain data by crypto intelligence firm Nansen shows that Paxos has burned more than $1.8 billion worth of BUSD since Monday morning.

The market capitalization of BUSD has fallen to $14.3 billion from $16.1 billion during this period, representing a 11% decline, CoinGecko data shows.