The capitalization of the Binance USD (BUSD) stablecoin has fallen by 80% since the beginning of 2023. The dominance of BUSD in the market of dollar-backed digital currencies fell to 5% in the summer, CCData analysts found out.
The Binance exchange plans to completely abandon this token in 2024.
To users holding BUSD, the company is sending out messages urging them to convert that stablecoin to other digital currencies pegged to the U.S. dollar by next February.