With Close to 10 Billion Stablecoins Redeemed, BUSD’s Supply Drops to Lowest Level Since April 2021 – Altcoins Bitcoin News

by James · April 16, 2023

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.

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BUSD Stablecoin Supply Hits Two-Year Low

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.

BUSD’s market value over the last three years.

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.

Seven of the ten largest BUSD wallets belong to Binance. All ten wallets have 92.52% of the ERC20 version of the BUSD supply, according to current data.

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.

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Altcoins, Asset-backed, Binance, Binance Stablecoin, Binance USD, Blockchain, BUSD, BUSD stablecoin, Centralized, Circulation, crypto exchange, Cryptocurrency, DAI, Decentralized, Digital Assets, Dollar Altcoins, ERC20, Fiat, Finance, Global, investment, Makerdao Protocol, Market Cap, Market Cap, NYDFS, Paxos, Redemption, Reserve, Reserve Balance, Stablecoin, Statistics, Supply, Technology, Tokens, Top Holders, Trading Volume, Trading, US Dollar, Virtual Currency, Wallet

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.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.