Statistics show that the supply of the stablecoin BUSD has decreased significantly over the past 30 days, falling by approximately 23.8% between December 5, 2022 and January 6, 2023. BUSD supply has decreased by more than $5 billion, from $21.84 billion to the current level of $16.77 billion.
The stable coin market has seen a significant drop in BUSD supply and fluctuations in its ties to the Turkish lira
BUSD, the stablecoin established by Paxos and Binance, has seen a significant decline in its circulating supply. Data shows that among the top 10 stablecoins by market capitalization, BUSD saw the most decline between December 5, 2022 and January 6, 2023; Tether managed to increase by 1.1% over the past month, while USDC surged by 1.8% over the past 30 days. However, BUSD shed23.8% during the last month and now has a market capitalization of approximately $16.77 billion.Since December 13, 2022, BUSD has had approximately5,066,884,674net redemptions.
The decline in the supply of stablecoin coincides with a period of significant speculation surrounding Binance, the world’s largest cryptocurrency exchange. Last month, Binance announced that Binance US would attempt to acquire the assets of Voyager Digital, but the U.S. Securities and Exchange Commission (SEC) has intervened in the acquisition; the SEC has stated that it is “formally investigating” the debtor in the matter; in addition to the SEC, FTX’s defunct trading division, Alameda Research, also objected to Voyager’s purchase of assets by Binance US
Of the more than $5 billion in BUSD redemptions, BUSD supply shrank by $3.24 billion over the three-day period from December 13 to December 16, 2022.The December 13 statistics show that BUSD 24-hour trading volume was about $9.38 billion, compared to today’s $4.44 At $3.01 billion, global trading volume at that time was significantly higher. the BUSD’s top trading pair is Tether (USDT), but cryptocompare.com statistics show that the BUSD has a strong relationship with the Turkish Lira. On January 6, 2023, the As of the date, metrics show that the lira represents2.45%of all BUSD trades.
Turkey has been experiencing asovereign debt and currency crisissince 2018; in early 2022, Bitcoin.com reported that the lira represented 7.20% of$3.51 billionin 24-hour BUSD trading on January 3, and the popularity of stablecoins in Turkey reported that the popularity of stablecoins in Turkey is increasing. On January 5, 2023, the Turkish lira accounted for $159,123,033 of Binance’s 24-hour trading. In addition to the lira, other top BUSD trading pairs on Binance include; BTC, ETHand; BNB; in addition to BUSD, the stablecoin DAI, issued by Makerdao, flowed. Last month it declined by 2.9%