After Paxos announced that it would no longer mint the BUSD stablecoin, 4.98 billion BUSD stablecoins have been withdrawn from circulation to date. The Paxos-managed stablecoin has also fallen out of the top ten crypto assets by market capitalization, falling below the valuation of dogecoin with a market capitalization of around $11.12 billion, compared to $11, 24 billion coin meme.
BUSD Redemption: Nearly $5 Billion In Stablecoins Withdrawn From Circulation In 12 Days
Since Paxos announced on February 13, 2023 that it would no longer issue the dollar-pegged BUSD crypto asset, nearly $5 billion worth of BUSD stablecoins have been redeemed. At the time of the announcement, there were approximately 16.1 billion BUSD coins in circulation, but around 11,129,348,406 BUSD are in circulation today. Throughout the past 12 days and the 4.98 billion BUSD redemption, the dollar-pegged crypto asset has held par with the US dollar.
On February 25, 2023, Binance reserve portfolio It showed that the crypto exchange had $9.01 billion in BUSD. Globally, BUSD had a trading volume of around $6.84 billion in 24 hours, with Binance being the most active BUSD exchange, according to coingecko.com statistics. Most of the BUSD trades were combined with the stablecoin strap (USDT), while the Turkish lira continued to represent 2.80% of all BUSD trading on Saturday.
Currently, out of the $1.1 trillion crypto economy, BUSD accounts for 1,007% of value added. That dominance has decreased significantly in the last 12 days, and BUSD was officially dropped from the top ten cryptocurrency positions this weekend. At the time of writing, BUSD is the 11th largest market valuation of the thousands of crypto assets in existence, with a market capitalization below dogecoin (DOGE) and above lido stake ether (STETH).
What do you think about the almost $5 billion worth of BUSD stablecoins redeemed in the last 12 days, causing the asset to fall out of the top ten positions? Share your thoughts on this topic in the comments section below.
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