4.98 billion BUSD stablecoins have been removed from circulation after Paxos announced it would no longer mine the stablecoin BUSD. The Paxos-managed stablecoin has also dropped out of the top ten crypto assets by market capitalization, with Dogecoin’s valuation slipping below its market cap of $11.12 billion, compared to MemCoin’s $11.24 billion.
BUSD Redemption: Nearly $5 Billion Worth of Stablecoins Removed from Circulation in 12 Days
Since Paxos announced on February 13, 2023, that it would no longer issue the dollar-pegged crypto asset BUSD, approximately $5 billion worth of BUSD stablecoins have been redeemed. At the time of the announcement, there were approximately 16.1 billion BUSD coins in circulation, but there are approximately 11,129,348,406 BUSD in circulation today. During the past 12 days and 4.98 billion BUSD was redeemed, the dollar-pegged crypto asset remained at par with the US dollar.
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On February 25, 2023, Binance’s reserve portfolio The crypto exchange shown holds $9.01 billion in BUSD. Globally, BUSD had a 24-hour trading volume of approximately $6.84 billion, according to coingecko.com, with Binance being the most active BUSD exchange. statistics, Most BUSD trades were paired with the stablecoin Tether (usdt), while the Turkish lira is still on the account 2.80% All BUSD trades on Saturdays.
Currently, out of the $1.1 trillion crypto economy, BUSD accounts for 1.007% of the total value. This dominance has waned significantly over the past 12 days, and BUSD was officially removed from the top ten crypto coin positions at the end of this week. As of writing, BUSD is the 11th largest market valuation out of thousands of crypto assets in existence, with a market capitalization below Dogecoin (DOGE) and above Lido Staked Ether (STETH).
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What do you think about the redemption of BUSD stablecoins worth almost $5 billion over the past 12 days, which has caused the asset to fall from the top ten positions? Share your thoughts on this topic in the comment section below.
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