Cryptocurrencies and ICOs worth billions of dollars are being withdrawn, and Binance’s stablecoin BUSD is the largest global exchange in terms of volume. It has seen its coin circulation drop significantly in the last three days, with 20% of the BUSD supply being depleted in the last month. Statistics show that 14.77% of this drawdown took place on December 13.
Since November, BUSD Supply Has Dropped by 3.24 Billion
Amid the speculation surrounding Binance, the large number of withdrawals (over $3 billion) that took place on December 13th, 2022, have caused the stablecoin BUSD’s supply to reduce by 14.77%. Over the last three days, statistics have shown that BUSD had 23 billion tokens in circulation during the month, but now it is 20% lower, at 18.58 BUSD coins.
This news follows Bitcoin.com News reporting on Binance being associated with the Paxos stablecoin backing increasing by 22% in the past two months, on October 22nd, 2022. It should be noted, however, that BUSD shares its logo and name with crypto-exchange Binance, but the stablecoin management is by Paxos.
Cryptocurrency company Paxos also manages Pax Dollars (USDP) and Pax Golds (PAXG). At the time, the BUSD surge was occurring as tether (USDT) and the USD coin (USDC) both saw their circulating currencies run out. In terms of crypto market valuation, BUSD ranks sixth and it climbed into the top ten right after the Terra UST collapsed.
The BUSD suffered the biggest monthly drop of all the top ten stablecoins in terms of market capitalization over the past 30 days, according to statistics. Gemini’s GUSD stablecoin has also had to deal with volatile markets, and there have been recent reports of the exchange being hit by a data breach. Additionally, a report says that Genesis Global Capital allegedly owes Gemini $900 million.
Circulating GUSD coins fell 25% in the last 30 days, which is 5% less than the decrease recorded by BUSD last month. GUSD wasn’t affected as much by the decline of BUSD, since GUSD began to lose its dollar-pegged tokens on November 16th, 2022. BUSD saw $6.61 billion in global 24-hour trading volume, according to Cryptocompare.com metrics, with many BUSD pairs being traded against tether (USDT) today.
Binance is the most active BUSD currency exchange as of December 16th, 2022, with $2,896,034 worth of BUSD transactions using tether on Pancakeswap in the last 24 hours. At press time, BUSD’s market capital dominates the $851 billion crypto economy at 2.184% on Friday.
Out of the 13.271% stablecoins, BUSD is the third largest dollar-pegged coin in the $140 billion stablecoin economy. Coingecko.com has BUSD coin circulation statistics, but archived records from etherscan.io show that the BUSD supply has dropped by 20% in the last 30 days.