The action effectively removes the world's second biggest stablecoin USDC, with a market cap of nearly $52 billion (compared to USDT's $67.5 billion) as a tradeable asset on Binance's platform. The move is also a blow to Circle Internet Financial, the issuer of USDC. With a market cap of $19.5 billion, BUSD is the third largest stablecoin. TUSD and USDP rank fifth and sixth with market caps of $1 billion and $945 million respectively. Stablecoins are types of digital currencies aimed to hold the value of a traditional asset like a fiat currency, with the U.S. dollar being the most prevalent. The stablecoin market is dominated by Tether's USDT with a market share of around 44%, though this may be about to change with large amounts of USDC, USDP and TUSD being consolidated into BUSD. Read more: Morgan Stanley Says Stablecoin Market Cap Is Contracting Again This is a developing story and will be updated.