all about cryptop referances
Statistics recorded on April 15, 2023 show that the number of coins in circulation for the stablecoin BUSD fell below the 7 billion range to 6.68 billion, marking the lowest number of BUSD in circulation since April 2021. Furthermore, data indicates that the supply of BUSD has shrunk by 19 .8% in the last 30 days.
BUSD, once among the largest stablecoins, remains the third largest USD-pegged token. However, on February 13, 2023, Paxos announced that the New York State Department of Financial Services (NYDFS) had asked the company to stop issuing BUSD. On that day, around 16.1 billion BUSD tokens were in circulation, and since then 9.42 billion stablecoins have been redeemed.
Between March 15 and April 15, 2023, BUSD’s supply decreased by 19.8%. As of mid-November 2022, BUSD’s market capitalization was at its all-time high of $23.49 billion, with a global trading volume of over $11 billion within a 24-hour period. However, on April 15, 2023, with its much smaller market cap, BUSD’s 24-hour global trading volume is approximately $2.61 billion.
Nansen’s statistics reveal that Binance, the largest crypto exchange by trading volume, has BUSD 6.1 billion, according to Nansen’s exchange portfolio tool, which shows the trading platform’s reserve balance. The BUSD rich list shows that the top ten holders, including Binance’s stash, hold 92.52% of the circulating supply of 166,645 unique addresses that hold BUSD. Furthermore, the top 100 BUSD holders own approximately 96.09% of the stablecoin’s current supply.
Binance-associated addresses control seven of the top ten BUSD addresses. Current data suggests that if redemptions continue, the stablecoin issued by the Makerdao protocol DAI will soon surpass BUSD’s current number of tokens in circulation. Currently there is $5,016,181,138 DAI in circulation, but DAI supply has also decreased by 13.6% in the last 30 days.
What do you think of the number of BUSD removed from circulation since February 13? Share your thoughts on this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
