Fast 3 Billion BUSD Stablecoins Have Been Removed From the Market in 6 Tage

Vor sechs Tagen, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Zur Zeit, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7% of the crypto economy’s $67.71 billion in global trade volume over the past 24 Std.

BUSD Supply Shrinks by 17.77% in 6 Tage

Statistics show that a significant amount of BUSD has been redeemed over the past six days, with the supply dropping by 17.77% during that time frame. Over the past 30 Tage, the supply of BUSD has shrunk by 19.2%. Am Feb. 13, 2023, Kategorie, the company that issues, manages, and redeems BUSD, angekündigt that it would no longer mint new BUSD going forward.

Redemptions kicked into high gear after Paxos made the announcement, mit $290 million being redeemed within eight hours. At the time of the announcement, there was $16.1 billion BUSD in circulation. As of Feb. 19, 2023, there are approximately 13,238,824,118 BUSD in circulation, meaning that the 17.77% of BUSD redeemed accounted for 2.861 billion tokens being removed from the market.

The blockchain intelligence firm Nansen has been monitoring the Paxos Treasury wallet, which sends millions of BUSD to the burn address, effectively removing the stablecoins from circulation. According to Nansen’s exchange portfolio tool, Binance currently holds 10.9 billion BUSD as of Feb. 19, 2023. Metrics show that BUSD still accounts for $7.24 billion of the day’s $67.71 billion in global trade volume, which represents 10.7% of the total.

Binance dominates most of BUSD’s trading volume, with the stablecoin’s most popular trading pair today being tether (USDT). According to statistics from cryptocompare.com, 5.52% of BUSD volume on Sunday was also paired with the Turkish lira. Although BUSD had the most redemptions in the past 30 Tage, USDC saw 2.9% of its supply removed during that period.

Notably, Paxos’ other stablecoin, pax dollar (USDP), has seen its supply decrease by 19.3%. A significant amount of pax gold (PAXG) has also been removed, als 11.3% of the circulating supply has been erased in 30 Tage. In contrast, Halteseil (USDT) has seen its supply increase by 5.8%, resulting in a market capitalization of more than $70 Milliarde.

What do you think the future holds for BUSD in light of these recent developments and redemptions? Teilen Sie Ihre Gedanken im Kommentarbereich unten mit.

Jamie Redman

Jamie Redman ist der Nachrichtenleiter bei Bitcoin-Tidings.com News und ein in Florida lebender Journalist für Finanztechnologie. Redman ist seitdem ein aktives Mitglied der Kryptowährungs-Community 2011. Er hat eine Leidenschaft für Bitcoin, Open-Source-Code, und dezentrale Anwendungen. Seit September 2015, Redman hat mehr als geschrieben 6,000 Artikel für Bitcoin-Tidings.com Nachrichten über die disruptiven Protokolle, die heute auftauchen.

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