BUSD supply hits lowest level. The number of coins in circulation for stablecoins BUSD fell below the 7 billion range to 6.68 billion on Saturday (15/4/2023), being the lowest amount of BUSD in circulation since April 2021. Binance USD (BUSD), once one of the largest stablecoins, remains the third largest US dollar-pegged token.
However, stablecoin issuer Paxos announced the New York State Department of Financial Services (NYDFS) had directed the company to stop issuing BUSD by Thursday (13/4/2023).
Quoted from Bitcoin News, around 16.1 billion BUSD tokens are in circulation, and 9.42 billion stablecoins have been exchanged as of Thursday. Meanwhile, between March 15 and April 15 2023, the supply of BUSD fell by 19.8 percent.
In mid-November 2022, the BUSD market cap was at an ever-highest point of US$23.49 billion, with a global trade volume of over US$11 billion in a 24-hour period.
However, on April 15, 2023, with a much smaller market valuation, the 24-hour global trading volume of BUSD was around 2.61 billion US dollars. Data from Nansen reveals that Binance, the largest crypto exchange by trading volume, has 6.1 billion BUSD, according to Nansen’s exchange portfolio tool that shows the trading platform’s reserve balance.
BUSD supply hits lowest level. The BUSD wealth listing shows the top ten holders, including Binance deposits, own 92.52 percent of the outstanding supply of the 166,645 unique addresses holding BUSD.Moreover, the top 100 BUSD holders own about 96.09 percent of the current supply of stablecoins.
Binance-related addresses control seven of the ten largest BUSD addresses. Current data suggests that, if swapping continues, the stablecoins issued by the Makerdao DAI protocol will soon surpass the number of currently circulating BUSD tokens. Currently, there is 5,016,181,138 USD of DAI in circulation, but the supply of DAI has also decreased over the past 30 days by 13.6 percent.