A rival of Binance USD (BUSD) has flipped the dollar-pegged asset to become the third largest stablecoin in the world.
New data shows that Dai (DAI), the stablecoin issued by MakerDAO, has surpassed BUSD as Binance, the world’s largest crypto exchange platform by volume, struggles with increasing legal troubles and regulatory setbacks.
At the time of writing, the market cap for DAI is around $4.39 billion, while BUSD clocks in at $4.3 billion.
Recently, MakerDAO voted to raise DAI’s savings rate from 1% to 3.49% from June 19. According to the Decentralized Autonomous Organization (DAO), the new base rate increase will “redefine the landscape of decentralized finance.”
Last week, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance for allegedly selling unregistered securities.
In the lawsuit, the regulatory body also alleges that many digital assets, including Binance Coin (BNB), the crypto exchange’s native token, count as securities and thus fall under the jurisdiction of the SEC.
Other virtual assets considered securities by the regulatory body include smart contract platforms Cardano (ADA) and Solana (SOL), as well as layer-2 scaling solution Polygon (MATIC).
Earlier this week, Binance hired an all-star lawyer ahead of criminal charges in the US.
Furthermore, recent reports from Reuters indicate that Binance is also facing challenges in the Netherlands and France.
Binance is preparing to leave the Netherlands for failing to register with the proper authorities, while France investigates the crypto exchange for possible cases of money laundering and solicitation violations, the reports said.
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