Statistics recorded on April 15, 2023 show that the number of coins in circulation for the BUSD stablecoin fell below the 7 billion range to 6.68 billion, marking the lowest amount of BUSD in circulation since April 2023. 2021. Furthermore, the data indicates that the supply of BUSD has decreased by 19.8% in the last 30 days.
BUSD Stablecoin Supply Hits Lowest Point In Two Years
BUSD, once among the largest stablecoins, remains the the third longest USD pegged token. However, on February 13, 2023, Paxos announced that the company had been ordered by the New York State Department of Financial Services (NYDFS) to stop issuing BUSD. Around 16.1 billion BUSD tokens were in circulation that day, and 9.42 billion stablecoins have been redeemed since.
Between March 15 and April 15, 2023, the supply of BUSD decreased by 19.8%. As of mid-November 2022, BUSD’s market capitalization was at an all-time high of $23.49 billion, with global trade volume exceeding $11 billion in a 24-hour period. However, as of April 15, 2023, at its much smaller market valuation, BUSD’s global 24-hour trade volume is approximately $2.61 billion.
by Nansen Statistics reveal that Binance, the largest crypto exchange by trading volume, holds 6.1 billion BUSD, according to Nansen’s exchange portfolio tool that shows the trading platform’s reserve balances. He BUSD Rich List shows that the top ten holders, including the Binance stash, hold 92.52% of the circulating supply of 166,645 unique addresses they have BUSD. Additionally, top holders of 100 BUSD own approximately 96.09% of the current supply of the stablecoin.
Binance-associated addresses control seven of the ten largest BUSD addresses. Current data suggests that if redemptions continue, the stablecoin issued by the Makerdao DAI protocol will soon surpass the current number of BUSD tokens in circulation. There are currently $5,016,181,138 DAI in circulation, but the supply of DAI has also decreased in the last 30 days due to 13.6%.
What do you think about the amount of BUSD withdrawn from circulation since February 13? Share your thoughts on this topic in the comments section below.
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