{"id":15555,"date":"2022-12-16T22:15:16","date_gmt":"2022-12-16T22:15:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/stablecoin-busds-supply-shrunk-by-3-24-billion-in-3-days-market-cap-is-down-20-since-last-month-altcoins-bitcoin-news\/"},"modified":"2022-12-16T22:15:16","modified_gmt":"2022-12-16T22:15:16","slug":"stablecoin-busds-supply-shrunk-by-3-24-billion-in-3-days-market-cap-is-down-20-since-last-month-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/stablecoin-busds-supply-shrunk-by-3-24-billion-in-3-days-market-cap-is-down-20-since-last-month-altcoins-bitcoin-news\/","title":{"rendered":"Stablecoin BUSD\u2019s Supply Shrunk by 3.24 Billion in 3 Days, Market Cap Is Down 20% Since Last Month \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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While billions of dollars in crypto assets have been withdrawn from Binance, the world\u2019s largest exchange in terms of volume, the stablecoin BUSD has seen its coins in circulation drop considerably during the last three days. While 20% of BUSD\u2019s supply was drained since last month, statistics show that 14.77% of the reduction took place on Dec. 13. <\/strong><\/p>\n

BUSD\u2019s Supply Declined by 3.24 Billion Since Dec. 13<\/h2>\n

Amid the speculation<\/a> surrounding Binance and the large number of withdrawals<\/a> (over $3B) that took place on Dec. 13, 2022, the stablecoin BUSD has seen its supply reduced by 14.77% in a matter of three days. Over the course of the last month, stats show BUSD had 23 billion tokens in circulation, and today it is 20% lower at 18.58 billion BUSD coins.<\/p>\n

The news follows Bitcoin.com News reporting<\/a> on the Binance-associated and Paxos-backed stablecoin climbing 22% higher in two months on Oct. 22, 2022. It should be noted that while BUSD shares its logo and name with the crypto exchange Binance, the stablecoin is managed by <\/span>Paxos<\/span><\/a>. <\/span><\/p>\n

The crypto company Paxos also manages pax dollar (USDP) and pax gold (PAXG). <\/span>The BUSD increase at the time was taking place while tether (USDT<\/a>) and usd coin (USDC) saw their coins in circulation depleting. In terms of market capitalization, BUSD\u2019s market cap is the sixth-largest crypto market valuation today, and it entered the top ten standings right after Terra\u2019s UST collapsed.<\/p>\n

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BUSD recorded a significant supply reduction during the last three days or since Dec. 13, 2022.<\/figcaption><\/figure>\n

30-day stats show BUSD saw the largest monthly decline out of all of the top ten stablecoins by market cap, except for Gemini\u2019s stablecoin GUSD. Gemini too has been dealing with turbulent markets and recent reports that the exchange suffered a user data leak<\/a>. Furthermore, a report<\/a> notes that Genesis Global Capital allegedly owes Gemini $900 million.<\/p>\n

GUSD\u2019s coins in circulation have dropped 25% lower during the last 30 days, which is 5% more than the reduction recorded by BUSD last month. GUSD\u2019s reduction was not as drastic as BUSD\u2019s as GUSD\u2019s dollar-pegged tokens in circulation started to decline on Nov. 16, 2022. BUSD has seen $6.61 billion in 24-hour global trade volume and cryptocompare.com metrics show a great deal of BUSD pairs are swapped with tether (USDT<\/a>) today.<\/p>\n

Binance is BUSD\u2019s most active exchange on Dec. 16, 2022, and on Pancakeswap $2,896,034 in BUSD\u2019s trades with tether have been recorded during the past 24 hours. At press time, out of the $851 billion crypto economy, BUSD\u2019s market capitalization dominates by 2.184% on Friday.<\/p>\n

Out of the $140 billion stablecoin economy, BUSD is still the third largest dollar-pegged coin, equating to 13.271% of the entire stablecoin economy\u2019s valuation. In addition to the BUSD coins in circulation statistics taken from coingecko.com, archived etherscan.io records<\/a> indicate that BUSD\u2019s supply has shrunk by 20%<\/a> as well during the last 30 days.<\/p>\n

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Altcoins<\/a>, Binance<\/a>, BUSD<\/a>, BUSD\u2019s market capitalization<\/a>, Coins in Circulation<\/a>, crypto tokens<\/a>, Dollar Altcoins<\/a>, Dollar-pegged token<\/a>, Drop in Supply<\/a>, Gemini<\/a>, GUSD<\/a>, GUSD stablecoin<\/a>, Paxos<\/a>, Stablecoin<\/a>, Stablecoin BUSD<\/a>, Stablecoin Economy<\/a>, Stablecoins<\/a>, Supply Drop<\/a>, Tokens<\/a>, USD<\/a>, USDC<\/a>, USDT<\/a><\/div>\n<\/div>\n

What do you think about the decline BUSD\u2019s coins in circulation saw during the last three days? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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