Stablecoin transfer volumes have dipped in the past week, declining 19.2% in the seven days to Sunday. The data, from Dune, reveals that BUSD has led the fall in volume.
BUSD Transaction Volumes Slide
The slump was propelled by a major slowdown in the use of Binance’s BUSD, which was down by 353.3% over the course of the week. This represents just the latest decline in the stablecoin’s general downward trajectory in recent months.
Beside transaction volume, BUSD’s market cap has also been falling. On April 15, it dropped below $7 billion, marking the lowest amount of BUSD in circulation since April 2021.
BUSD Market Cap: (Source: BeInCrypto)
Declining Stablecoin Supply
Binance USD isn’t the only stablecoin suffering from weak demand. Other major tokens that have seen their total supply dwindle include well known dollar-pegged stablecoins USDC and TUSD.
BeInCrypto has reported that the top four stablecoins have seen their market cap shrink by 23% from peak levels. In fact, since their respective peaks, USDC supply has fallen by $20 billion, and BUSD supply has lost $11 billion. While less dramatic, supplies of TUSD and Dai have also dropped $1.3 billion and $4.4 bil
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Author: James Morales
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