According to statistics, the stablecoin BUSD experienced a significant drop in supply over the past 30 days, dropping by approximately 23.8% from December 5, 2022 to January 6, 2023. Since December 13, 2022, the supply of BUSD has been declining. From $21.84 billion to his current $16.77 billion, an increase of more than $5 billion.
Stablecoin Market Sees BUSD Losing Significant Supply, Fluctuations Against Turkish Lira
BUSD, a stablecoin founded by Paxos and Binance, has experienced a significant drop in circulation. According to the data, among the top 10 stablecoins by market cap, BUSD lost the most between Dec 5, 2022 and Jan 6, 2023. Last 30 days. However, BUSD fell 23.8% last month and now has a market capitalization of around $16.77 billion. Since December 13, 2022, BUSD has had approximately 5,066,884,674 net redemptions.
The decline in stablecoin supply coincides with a period of great speculation around Binance, the world’s largest cryptocurrency exchange. Last month, Binance announced that Binance US would seek to acquire Voyager Digital’s assets, but the U.S. Securities and Exchange Commission (SEC) intervened in the purchase. The SEC said it was “formally investigating” the debtor in the matter.In addition to the SEC, Alameda Research, the defunct trading arm of FTX, also opposed Binance US’s purchase of Voyager’s assets. I’m here.
Of the more than $5 billion in BUSD redemptions, BUSD supply fell by $3.24 billion in the three days from December 13, 2022 to December 16, 2022. The 24-hour trading volume is $9.38 billion, compared to $4.41 billion today. BUSD’s top trading pair is Tether (USDT), but statistics from cryptocompare.com show that BUSD has a strong relationship with the Turkish lira. As of January 6, 2023, the lira accounts for his 2.45% of all his BUSD trades, according to the index.
Turkey has been experiencing a sovereign debt and currency crisis since 2018. In early 2022, Bitcoin.com said that the lira accounted for 7.20% of his $3.51 billion in his 24-hour BUSD trading on Jan. 3, showing the growing popularity of stablecoins in Turkey. reported that there is On January 5, 2023, Turkey his lira accounted for his $15,912,033 in his 24-hour trading on Binance. In addition to Lira, Binance’s top BUSD trading pairs include BTC, ETH, and BNB. In addition to BUSD, Makerdao-issued stablecoin DAI fell 2.9% last month, while Gemini-issued GUSD fell 3.8%.
What do you think of BUSD’s $5 billion net redemption after December 13, 2022? Let us know what you think about this in the comments section below.
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