According to statistics, the stablecoin BUSD has seen a significant decrease in its supply over the past 30 days, decreasing by approximately 23.8% from December 5, 2022 to January 6, 2023. As of December 13, 2022, BUSD’s supply has been reduced. An increase of more than $5 billion from $21.84 billion to the current level of $16.77 billion.
Stablecoin Market Sees Volatility with BUSD, Loses Significant Supply, Closes with Turkish Lira
BUSD, a stablecoin founded by Paxos and Binance, has experienced a significant drop in circulating supply. The data shows that BUSD lost the most among the top ten stablecoins by market capitalization between December 5, 2022 and January 6, 2023. Tether is up 1.1% and USDC is up 1.8% in the past month. last 30 days. However, BUSD has lost 23.8% over the past month and currently has a market cap of about $16.77 billion. As of December 13, 2022, BUSD has seen approximately 5,066,884,674 net purchases.
The drop in stablecoin supply comes amid significant speculation surrounding Binance, the world’s largest cryptocurrency exchange. Last month, Binance announced that Binance US would seek to acquire the assets of Voyager Digital, but the US Securities and Exchange Commission (SEC) intervened in the acquisition. The SEC said it is “formally investigating” the debtors in this matter. In addition to the SEC, Alameda Research, FTX’s defunct trading arm, also challenged Binance US’ acquisition of Voyager’s assets.
From December 13, 2022 to December 16, 2022, the supply of more than $5 billion BUSD decreased by $3.24 billion in three days. Global trading volume was significantly higher at the time, as December 13 statistics show that the BUSD was approx. $9.38 billion in 24-hour volume compared to today’s $4.41 billion. BUSD’s best trading pair is tether (USDT), but statistics from cryptocompare.com show that BUSD has a strong correlation with the Turkish lira. As of January 6, 2023, the lira accounted for 2.45% of all BUSD trades.
Turkey has been experiencing a sovereign debt and currency crisis since 2018. In early 2022, Bitcoin.com reported on the growing popularity of stablecoins in Turkey in early 2022, when the lira accounted for 7.20% of $3.51 billion in 24-hour BUSD trading. On January 5, 2023, the Turkish lira was $15,912,033 in 24-hour trading on Binance. Besides the lira, other top BUSD trading pairs on Binance include BTC, ETH, and BNB. Along with BUSD, Makerdao-issued stablecoin DAI fell by 2.9% last month, while Gemini-issued GUSD fell by 3.8%.
What do you think of BUSD’s $5 billion in net payouts since December 13, 2022? Let us know what you think about this topic in the comments section below.
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