A rival Binance USD (BUSD) flipped the dollar-pegged asset to become the world’s third-largest stablecoin.
New data reveals that Dai (DAI), the stablecoin issued by MakerDAO, has outperformed BUSD as Binance, the world’s largest cryptocurrency exchange by volume, faces mounting legal troubles and regulatory setbacks.
At the time of writing, the market capitalization of DAI is around $4.39 billion, while BUSD sits at $4.3 billion.
MakerDAO recently voted to increase the DAI save rate from 1% to 3.49% effective June 19. According to the Decentralized Autonomous Organization (DAO), the further increase in benchmark performance will “reset the landscape for 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 agency also alleges that many digital assets, including Binance Coin (BNB), the crypto exchange’s native token, count as securities and are therefore subject to SEC jurisdiction.
Other virtual assets considered securities by the regulator include the smart contract platforms Cardano (ADA) and Solana (SOL), as well as the layer 2 scaling solution Polygon (MATIC).
Earlier this week, Binance retained a top-tier attorney ahead of the US criminal prosecution.
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 relevant authorities, while France is investigating the crypto exchange for possible money laundering and prospecting violations, according to reports.