DAI overtakes BUSD as third-largest stablecoin amidst regulatory challenges.
Dai, the stablecoin issued by MakerDAO, has surpassed Binance USD (BUSD) to become the third-largest stablecoin in the world, with a market cap of around $4.39 billion, while BUSD clocks in at $4.3 billion. Binance, the world’s largest crypto exchange platform by volume, is facing mounting legal issues and regulatory setbacks, including a lawsuit by the SEC for allegedly selling unregistered securities. Meanwhile, MakerDAO has voted to raise the savings rate of DAI from 1% to 3.49% starting June 19th.