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Fortune
Fortune
Marco Quiroz-Gutierrez

Investors take billions of dollars out of Binance USD stablecoin after regulator forces creator Paxos to stop issuing it

Paxos Binance United States Changpeng CZ Zhao CoinGecko Nansen SEC
(Credit: Jakub Porzycki—NurPhoto/Getty Images)

The market cap of Paxos-issued Binance USD has dropped by nearly $2 billion since New York’s financial regulator on Monday ordered its creator, Paxos, to stop issuing the dollar-pegged coin.

After sporting a market cap of about $16.15 billion on Monday morning, the coin has dropped more than 9% to $14.6 billion on Wednesday, according to CoinGecko data. It’s down about 5% in the last 24 hours.

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