Data shows that the circulating supply of BUSD stablecoin has drastically decreased in the last month. Over 30 days, the asset has dropped by roughly 23.8%, resulting in a reduction of over $5 billion from the $21.84 billion peak.
Stablecoin Market Experiences Fluctuations, BUSD Supply Slashed, Turkish Lira Links
The stablecoin issued by Paxos and Binance, BUSD, has seen a significant decrease in its total supply. Statistics show that BUSD has experienced the greatest drop out of the top ten stablecoins by market capitalization. From December 5, 2022 to January 6, 2023, BUSD has lost around 23.8% of its value and is now worth $16.77 billion. During the same period, the USDC rose by 1.1% and Tether gained 1.8%. Since December 13, 2022, BUSD has experienced 5,066,884,674 net redemptions.
The supply of BUSD has been drastically reduced in the past three days due to the $5 billion USD redemptions. On December 13, 2022, the 24-hour trade volume for BUSD was approximately $9.38 trillion, compared to the $4.41 billion today. The primary trading pair for BUSD is Tether (USDT) however statistics from cryptocompare.com show that BUSD has a strong connection with the Turkish lira. As of January 6, 2023, 2.45% of all BUSD transactions are denominated in lira.
The decrease in BUSD supply comes at a time of intense speculation surrounding the world’s biggest cryptocurrency exchange, Binance. Last month, Binance announced plans to purchase Voyager Digital’s assets, but the US Securities and Exchange Commission (SEC) called for a halt to the acquisition. The SEC claimed that it was “formally investigating” the matter, referring it to the debtors. In addition
