According to statistics recorded on April 15, 2023, the number of stablecoin BUSD coins in circulation fell below the 7 billion mark to 6.68 billion coins, the lowest number in circulation since April 2021 This is the lowest number of coins in circulation since April 2021. In addition, data show that the supply of BUSD has shrunk by 19.8% over the past 30 days.
BUSD Stable Coin Supply at Two-Year Low
BUSD, once one of the largest stablecoins, remains thethird largestUSD pegged token. However, on February 13, 2023, Paxos announced that the New York State Department of Financial Services (NYDFS) had instructed it to stop issuing BUSD. Approximately 16.1 billion BUSD tokens were in circulation that day, and 9.42 billion stablecoins have since been redeemed.
Between March 15 and April 15, 2023, BUSD supply declined by 19.8%; in mid-November 2022, BUSD market capitalization reached a record high of $23.49 billion, with global trading volume exceeding $11 billion within 24 hours. However, on April 15, 2023, when market capitalization shrank significantly, BUSD’s 24-hour global trading volume was approximately $2.61 billion.
According to Nansen’sstatisticsshowing trading platform reserve balances, Nansen’s Exchange Portfolio Tool reveals that Binance, the largest crypto exchange by trading volume, holds 6.1 billion BUSD. ItsBUSD Rich Listshows that of the 166,645 unique addressesholding BUSD, the top 10 holders, including Binance’s stash, hold 92.52% of the circulating supply. Additionally, the top 100 BUSD holders own approximately 96.09% of the current supply of stablecoins.
Addresses associated with Binance dominate seven of the top ten largest BUSD addresses. Current data indicates that if redemptions continue, stablecoin DAI issued on the Makerdao protocol will soon exceed BUSD’s current token circulation. With $5,016,181,138 in DAI currently in circulation, the DAI supply has also declinedover the past 30 days: 13.6%.
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