While billions of dollars in crypto assets have been withdrawn from Binance, the world’s largest exchange in terms of volume, the stablecoin BUSD has seen its coins in circulation drop considerably during the last three days. While 20% of BUSD’s supply was drained since last month, statistics show that 14.77% of the reduction took place on Dec. 13.
BUSD supply has declined by 3.24 billion since December 13
The stablecoin BUSD has seen its supply decrease by 14.77% within three days amid speculation that Binance is due for a December 13, 2022 exit and a large number of withdrawals (over $3B). During the past month, statistics show that there were 23 billion BUSD tokens in circulation, and today it is down 20% at 18.58 billion BUSD coins.
The news follows Bitcoin.com News reporting on the Binance-associated and Paxos-backed stablecoin climbing 22% higher in two months on Oct. 22, 2022. It should be noted that while BUSD shares its logo and name with the crypto exchange Binance, the stablecoin is managed by Paxos.
The crypto company Paxos also manages the PAX Dollar (USDP) and PAX Gold (PAXG). BUSD was rising at a time when Tether (USDT) and USD Coin (USDC) saw their coins in circulation decrease. In terms of market capitalization, BUSD’s market cap is the sixth largest crypto market valuation today, and it entered the top ten just after Terra’s UST fell.
30-day stats show BUSD saw the largest monthly decline out of all of the top ten stablecoins by market cap, except for Gemini’s stablecoin GUSD. Gemini too has been dealing with turbulent markets and recent reports that the exchange suffered a user data leak. Furthermore, a report notes that Genesis Global Capital allegedly owes Gemini $900 million.
GUSD coins in circulation have decreased by 25% during the last 30 days, which is more than the 5% decrease recorded by BUSD last month. The GUSD shortfall was not as large as BUSD as the GUSD dollar-pegged token circulation began to decline on November 16, 2022. BUSD has seen $6.61 billion in 24-hour global trading volume and cryptocompare.com metrics show a great deal of BUSD pairs. Today it is swapped with Tether (USDT).
Binance is BUSD’s most active exchange on Dec. 16, 2022, and on Pancakeswap $2,896,034 in BUSD’s trades with tether have been recorded during the past 24 hours. At press time, out of the $851 billion crypto economy, BUSD’s market capitalization dominates by 2.184% on Friday.
Out of the $140 billion stablecoin economy, BUSD is still the third largest dollar-pegged coin, accounting for 13.271% of the entire stablecoin economy’s valuation. In addition to the BUSD coins in circulation taken from Coingecko.com, archived etherscan.io records indicate that the BUSD supply has decreased by 20% during the past 30 days.
