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- 🚀 Gate $PUMP Futures Trading Challenge is Now Live!
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Analyst: BUSD was once the third-largest stablecoin, and the current market capitalization of Ethereum on-chain is only about 50 million USD.
Odaily News Entropy Advisors Data Director Tom Wan posted on the X platform that BUSD was once the third largest stablecoin by market capitalization, reaching 23 billion USD, while the market capitalization of Ethereum on-chain is currently only about 50 million USD. BUSD is a dollar-backed stablecoin issued by Paxos Trust Company and approved by the New York State Department of Financial Services (NYDFS). Today, CZ stated, "BUSD is an excellent dollar stablecoin, but it has been stifled in the U.S. Operation Chokepoint 2.0. On the positive side, there are now many new stablecoins launching on BSC."