With Nearly 10 Billion Stablecoins Traded, BUSD Supply Drops To Lowest Level Since April 2021 Cryptocurrency

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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 number of BUSD in circulation since April 2021. , the data indicates that the supply of BUSD has decreased by 19.8% in the past 30 days.

BUSD stablecoin supply hits two-year low

BUSD, which was 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 ordered 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 traded.

Market capitalization of BUSD over the past three years.

Between March 15 and April 15, 2023, the supply of BUSD decreased by 19.8%. As of mid-November 2022, the market capitalization of BUSD was at its highest level ever at $23.49 billion, with a global trade volume of over $11 billion in a 24-hour period. However, on April 15, 2023, with its much lower market valuation, the global 24-hour trading volume of BUSD is approximately $2.61 billion.

Seven of the ten largest BUSD wallets are owned by Binance. The ten wallets hold 92.52% of the ERC20 version of the BUSD supply, according to current data.

Nansen stats reveal that Binance, the largest crypto exchange by trading volume, holds 6.1 billion BUSD, according to exchange wallet tool Nansens which shows reserve balances of trading platforms . The BUSD rich list shows that the top ten holders, including Binances Reserve, hold 92.52% of the circulating supply out of 166,645 unique addresses that hold BUSD. Additionally, the top 100 BUSD holders hold approximately 96.09% of the current stablecoin supply.

Addresses associated with Binance 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. Currently, there are $5,016,181,138 DAI in circulation, but the supply of DAI has also decreased by 13.6% in the last 30 days.

Tags in this story 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 valuation, NYDFS, Paxos, redemption, reserve, reserve balance, Stablecoin, statistics, supply, technology, tokens, major holders, trading volume, trading, US dollar , virtual currency, wallet

What do you think of the number of BUSD withdrawn from circulation since February 13? Share your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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