Six days ago, 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. Corrientemente, 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 horas.
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BUSD Supply Shrinks by 17.77% en 6 Días
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. sobre el pasado 30 días, the supply of BUSD has shrunk by 19.2%. On Feb. 13, 2023, Paxos, the company that issues, manages, and redeems BUSD, Anunciado that it would no longer mint new BUSD going forward.
Redemptions kicked into high gear after Paxos made the announcement, con $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% del 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 días, USDC saw 2.9% of its supply removed during that period.
Notably, Paxos’ other stablecoin, dólar pax (USDP), has seen its supply decrease by 19.3%. A significant amount of pax gold (PAXG) has also been removed, como 11.3% of the circulating supply has been erased in 30 días. A diferencia de, atar (USDT) has seen its supply increase by 5.8%, resulting in a market capitalization of more than $70 mil millones.
What do you think the future holds for BUSD in light of these recent developments and redemptions? Comparta sus pensamientos en la sección de comentarios a continuación.
Créditos de imagen: Shutterstock, pixabay, Wiki Commons
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