4.98 billion BUSD stablecoins have been taken out of circulation because Paxos declared it would no longer mint the stablecoin.
The Paxos-managed stablecoin has also dropped out of the top 10 crypto assets by market capitalization, with a market cap of around $11.12 billion compared to the meme coin’s $11.24 billion. It has also lost ground to dogecoin in terms of valuation.
Over $5 Billion Stablecoins Removed
Since Paxos declared on February 13, 2023, that it would cease to accept the dollar-pegged cryptocurrency and BUSD, $5 in BUSD stablecoins have been redeemed. At the time of the announcement, there were approximately 16.1 million BUSD coins in circulation, however, as of today, there are currently 11,129,348,406 BUSD in circulation.
The dollar-pegged cryptocurrency plus has maintained constant parity with the U.S. dollar throughout the course of the last 12 days and the redemption of 4.98 billion BUSD.
- The Paxos-managed stablecoin has also dropped out of the top 10 crypto assets.
- There are currently 11,129,348,406 BUSD in circulation.
- BUSD is currently ranked 11th among the thousands of successful crypto assets.
BUSD is no longer among the top 10 cryptocurrencies, and it contributes 1.007% of the total value of the crypto market. According to Binance’s reserve portfolio, as of February 25, 2023, the cryptocurrency speech had $9.01 in successful BUSD.
According to coingecko.com statistics, BUSD had a 24-hour commercialized measurement of almost $6.84 billion globally, with Binance being the most advanced BUSD exchange.
The stablecoin tether (USDT) was used in the majority of BUSD trades, whereas 2.80% of all BUSD trades made on Saturday involved idle Turkish Lira.
Presently, BUSD represents 1.007% of the total value of the $1.1 trillion crypto market. The past 12 days have seen a significant decline in that supremacy, and this past weekend, BUSD was formally removed from the top 10 cryptocurrency coin rankings.
BUSD is currently ranked 11th among the thousands of successful crypto assets in existence in terms of market valuation, trailing only Dogecoin (DOGE) and lido staked ether (STETH).