Dai Flips BUSD To Become Third-Largest Stablecoin As Binance Stares Down Mounting Legal and Regulatory Setbacks
A rival of Binance USD (BUSD) has flipped the dollar-pegged asset to become the third-largest stablecoin in the world.
New data reveals that Dai (DAI), the stablecoin issued by MakerDAO, has surpassed BUSD as Binance, the world’s largest crypto exchange platform by volume, struggles with mounting legal issues and regulatory setbacks.
At time of writing, the market cap for DAI sits at around $4.39 billion while BUSD clocks in at $4.3 billion.
Recently, MakerDAO voted to raise the savings rate of DAI from 1% to 3.49% starting June 19th. According to the decentralized autonomous organization (DAO), the new increase in the baseline yield “will redefine the landscape of decentralized finance.”
Last week, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance for allegedly selling unregistered securities.
In the lawsuit, the regulatory agency also claims that many digital assets, including Binance Coin (BNB), the native token of the crypto exchange, count as securities and thus are subject to the SEC’s jurisdiction.
Other virtual assets deemed as securities by the regulatory body include smart contract platforms Cardano (ADA) and Solana (SOL), as well as layer-2 scaling solution Polygon (MATIC).
Earlier this week, Binance hired an all-star lawyer in anticipation of criminal prosecution in the US.
Furthermore, recent reports by Reuters indicate that Binance is also facing challenges in the Netherlands and France.
Binance is preparing to leave the Netherlands due to failing to register with the proper authorities while France is investigating the crypto exchange for potential instances of money laundering and canvassing breaches, according to the reports.
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Author: Mehron Rokhy
