Analyst: BUSD was once the third largest stablecoin, and its market value on the Ethereum chain is currently only about 50 million dollars

ChainCatcher news, Tom Wan, the data director of Entropy Advisors, posted on the X platform that BUSD was once the third-largest stablecoin by market capitalization, reaching $23 billion, but currently has a market cap of only about $50 million on the Ethereum chain.

BUSD is a dollar-backed stablecoin issued by Paxos Trust Company and approved by the New York State Department of Financial Services (NYDFS). Today, Zhao Changpeng stated, "BUSD is an excellent dollar stablecoin, but it has been stifled in the U.S. Operation Chokepoint 2.0. On the bright side, many new stablecoins are now being launched on BSC."