DAI Overtakes BUSD as Binance Struggles
A competitor of Binance USD (BUSD) has emerged as the third-largest stablecoin globally, surpassing BUSD in popularity and market value.
Recent data reveals that MakerDAO’s stablecoin, Dai (DAI), has exceeded BUSD in market capitalization. Binance, the world’s largest cryptocurrency exchange platform, is currently grappling with legal and regulatory obstacles.
As of now, DAI’s market cap stands at approximately $4.6 billion, slightly surpassing BUSD’s $4.3 billion valuation.
In a recent decision, MakerDAO members voted to increase DAI’s savings rate from 1% to 3.49% starting June 19th. The decentralized autonomous organization (DAO) believes this boost in baseline yield will significantly impact the decentralized finance landscape.
Binance recently faced a lawsuit from the U.S. Securities and Exchange Commission (SEC), accusing the exchange of selling unregistered securities.
The lawsuit further asserts that several digital assets, including Binance Coin (BNB), the native token of the exchange, fall under the SEC’s jurisdiction as securities.
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Binance has recently enlisted the services of a prominent lawyer in anticipation of potential criminal prosecution in the United States.
The exchange is reportedly planning to exit the Netherlands due to failure to register with the appropriate authorities. Additionally, France is investigating Binance for potential money laundering and non-compliance with regulations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
