Binance will halt support for BUSD product in mid-December.
AXS/BUSD, CHZ/BUSD, FIL/BUSD, and USTC/BUSD are some of the trading pairs to be removed from Binance on November 24.
The last time the market cap experienced such a jump was shortly after the crash of Silicon Valley Bank.
DAI is now the third-largest stablecoin trailing behind Tether (USDT) and USDC Coin (USDC).
The world’s largest crypto exchange Binance has seen its market dominance dwindle following the CFTC lawsuit last month.
Tether (USDT) has emerged as the industry favorite amidst turmoil in USDC.
US regulatory agencies labeling BUSD as an "unregistered security" has caused a stir in the industry.
Users can still withdraw their BUSD, but trading for the stablecoin ends next month.
Rising crypto prices have pushed AuM to the highest level since August 2022.
The CEO of Binance also admitted that the two loudest crashes of 2022 have changed the regulators' approach.