With Close to 10 Billion Stablecoins Redeemed, BUSD's Supply Drops to Lowest Level Since April 2021

The stablecoin BUSD's number of coins in circulation fell below the 7 billion mark on April 15, 2023, according to statistics. This marked the lowest number of BUSD coins in circulation since April 2021. In addition, data indicate that the supply of BUSD has decreased by 19.8 percent in the last thirty days.

BUSD, which was once among the biggest stablecoins, stays the third-biggest USD-fixed token. On the other hand, Paxos made the announcement on February 13, 2023, that the New York State Department of Financial Services (NYDFS) had instructed the company to cease issuing BUSD. On that day, around 16.1 billion BUSD tokens were available for use, and from that point forward, 9.42 billion stablecoins have been reclaimed.

Between March 15 and April 15, 2023, BUSD's stockpile diminished by 19.8%. With a global trade volume of over $11 billion within a 24-hour period, BUSD's market capitalization was at its highest point ever in the middle of November 2022, at $23.49 billion. Nonetheless, on April 15, 2023, with its a lot more modest market valuation, BUSD's 24-hour worldwide exchange volume is roughly $2.61 billion.

Nansen's exchange portfolio tool, which displays the reserve balances of the trading platform, reveals that Binance, the largest crypto exchange by trade volume, holds 6.1 billion BUSD. Out of 166,645 distinct addresses that hold BUSD, the top ten holders, including Binance's stash, hold 92.52 percent of the circulating supply, according to the BUSD rich list. Additionally, approximately 96.09% of the stablecoin's current supply is held by the top 100 BUSD holders.

What do you think about the number of BUSD removed from circulation since February 13? Share your thoughts about this subject in the comments section below.

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