Binance USD (BUSD) has seen its market share rapidly decline this year after it was labeled securities by the U.S. Securities and Exchange Commission (SEC). This has caused its circulating supply to dwindle to under $3 billion from a peak exceeding $20 billion last year. In response, Binance has recommended its users convert their BUSD into First Digital USD (FDUSD) and True USD (TUSD). FDUSD’s market supply has surged to a record-breaking $382 million, however, its adoption remains constrained as it has only been listed on Binance. TUSD has grown to more than $3.4 billion due to the early support it enjoyed from Binance, however, it has come under heavy fire from the crypto community over its alleged links with Justin Sun and its exposure to bankrupt Nevada-based crypto custodial firm Prime Trust.

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Information	Details
Geography	Asia
Countries	🇭🇰 🇺🇸
Sentiment	neutral
Relevance Score	8
People	Justin Sun, Paxos, SEC, First Digital Group, New York Department of Financial Services
Companies	Paxos, Binance, U.S. Securities and Exchange Commission, First Digital Group, New York Department of Financial Services
Currencies	Ethereum, Binance USD, First Digital USD, Bitcoin, TrueUSD
Securities	None