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While billions of dollars in crypto assets have been pulled from Binance, the world’s largest exchange by volume, stablecoin BUSD has seen its coins in circulation drop significantly over the past three days. While 20% of BUSD’s supply was tapped since last month, statistics show that 14.77% of the reduction took place on December 13th.
Amid the speculation surrounding Binance and the large number of withdrawals (over $3B) that took place on December 13, 2022, stablecoin BUSD has seen its supply reduced by 14.77% in three days. During the last month, statistics show that BUSD had 23 billion tokens in circulation, and today it is 20% lower at 18.58 billion BUSD coins.
The news follows Bitcoin.com News reporting on the Binance-associated and Paxos-backed stablecoin climbing 22% higher in two months on October 22, 2022. It should be noted that while BUSD shares its logo and name with crypto exchange Binance, the stablecoin is managed by Paxos.
The crypto company Paxos also manages pax dollars (USDP) and pax gold (PAXG). The BUSD surge at the time took place while tether (USDT) and usd coin (USDC) saw their coins in circulation deplete. In terms of market cap, BUSD’s market cap is the sixth largest crypto market valuation today, and it entered the top ten spot right after Terra’s UST collapsed.
30-day statistics show that BUSD saw the biggest monthly decline of all the top ten stablecoins by market capitalization, except for Gemini’s stablecoin GUSD. Gemini has also dealt with turbulent markets and recent reports that the exchange has had a user data leak. Furthermore, a report notes that Genesis Global Capital allegedly owes Gemini $900 million.
GUSD’s coins in circulation have fallen 25% lower in the last 30 days, which is 5% more than the reduction recorded by BUSD last month. GUSD’s reduction was not as drastic as BUSD’s as GUSD’s dollar-pegged tokens in circulation began to decline on November 16, 2022. BUSD has seen $6.61 billion in 24-hour global trading volume and cryptocompare.com metrics show a good number of BUSD pairs have traded with tether (USDT) today.
Binance is BUSD’s most active exchange on December 16, 2022, and on Pancakeswap, $2,896,034 in BUSD’s tether trades were recorded in the last 24 hours. At press time, out of the $851 billion crypto economy, BUSD dominates the market capitalization by 2.184% on Friday.
Of the $140 billion stablecoin economy, BUSD remains the third largest dollar-pegged coin, representing 13.271% of the entire stablecoin economy’s valuation. In addition to the BUSD coins in circulation statistics obtained from coingecko.com, archived etherscan.io records indicate that BUSD’s supply has also shrunk by 20% over the past 30 days.
What do you think about the decline BUSD’s coins in circulation have seen in the last three days? Let us know what you think about this topic in the comments section below.
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