Statistics recorded on April 15, 2023, show that the number of coins in circulation for the stablecoin BUSD dropped below the 7 billion range to 6.68 billion, marking the lowest number of BUSD in circulation since April 2021. Furthermore, data indicates that the supply of BUSD has shrunk by 19.8% over the past 30 days.
BUSD Stablecoin Supply Hits Lowest Point in Two Years
BUSD, which was once among the largest stablecoins, remains the third-largest USD-pegged token. However, on February 13, 2023, Paxos announced that the New York State Department of Financial Services (NYDFS) had directed the company to stop issuing BUSD. On that day, around 16.1 billion BUSD tokens were in circulation, and since then, 9.42 billion stablecoins have been redeemed.
Between March 15 and April 15, 2023, BUSD’s supply decreased by 19.8%. In mid-November 2022, BUSD’s market capitalization was at its highest point ever at $23.49 billion, with a global trade volume of over $11 billion within a 24-hour period. However, on April 15, 2023, with its much smaller market valuation, BUSD’s 24-hour global trade volume is approximately $2.61 billion.
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Author: Jamie Redman
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