Binance's BUSD Stablecoin Sees $500M Outflows After CFTC Lawsuit

Outflows from binance's $BUSD stablecoin are lower over the past 24 hours compared to the February SEC crackdown on BUSD issuer Paxos. By shauryamalwa

), a stablecoin pegged to U.S. dollars, has seen over $500 million in outflows in the roughly 24 hours since a U.S. lawsuit was filed against Binance and its CEO Changpeng Zhao, data from CryptoQuant shows.

Some analysts pointed to Binance’s decision to shift towards other stablecoins as a key reason behind relatively soft impact on BUSD over the past day. The exchange ended zero-fee trading for BUSD-listed trading pairs on March 22,“It might be due to the fact that Binance was preparing for the transition from BUSD to an alternative stablecoin such as TUSD or USDC,” CryptoQuant head of marketing Hochan Chung told CoinDesk in a Telegram message.

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