CoinGecko and CoinMarketCap Remove BUSD Logo, Once-Prominent Gold Stablecoin Now a Thing of the Past

CoinGecko and CoinMarketCap, two of the largest market information aggregators, have removed the BUSD logo, replacing it with a gray placeholder, marking the definitive end for the once-popular stablecoin.

CoinGecko and CoinMarketCap Remove BUSD Logo, Once-Prominent Gold Stablecoin Now a Thing of the Past. Image Source: PeckShield

Approximately 8 months ago, on February 13, 2023, the cryptocurrency community was rocked by news that Paxos was instructed by US authorities to halt the issuance of the BUSD stablecoin. Since then, the fate of BUSD has been sealed.

All efforts to salvage BUSD from regulatory crackdowns proved futile. Paxos and Binance had no choice but to cease new issuances, allowing users only until February 2024 to convert BUSD back into USD.

In practical terms, BUSD can still be used as usual, with its circulating token supply fulfilling its intended functions as a stablecoin. However, being branded with legal troubles from the US, users have understandably become reluctant to use BUSD. It has gradually fallen into disuse.

Struggling with declining trading volumes for months, by late August, Binance officially sentenced its spiritual child by encouraging users to convert BUSD into other stablecoins. The exchange also halted lending and staking for BUSD and delisted trading pairs involving this stablecoin.

Concurrently, efforts were made to promote a lesser-known newly launched stablecoin, First Digital USD (FDUSD), to retain user base and maintain liquidity on the platform.

It is widely understood that BUSD has fallen from grace. As evidenced in the market capitalization chart below:

• On CoinGecko, BUSD has dropped to 30th place in terms of market capitalization. During its heyday, this stablecoin once dominated the top 10.
• Notably, the BUSD logo has been removed, with CoinGecko now displaying only a gray icon.

BUSD without logo, replaced with gray placeholder on CoinGecko

A similar fate has befallen BUSD on CoinMarketCap.

BUSD also loses its logo on CoinMarketCap

It is a regrettable conclusion for the once-"gold" stablecoin. However, it also underscores the ever-changing nature of the crypto market. Just in 2022, BUSD was still seen as a competitive alternative to Tether (USDT). But by 2023, everything had changed...