Nearly 3 Billion BUSD Stablecoins Have Been Removed From the Market in 6 Days

Six days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Currently, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7%. Statistics show that a significant amount of BUSD has been redeemed over the past six days, with the supply dropping by 17.77% during that time frame. Over the past 30 days, the supply of BUSD has shrunk by 19.2%. On Feb. 13, 2023, Paxos, the company that issues, manages, and redeems BUSD, announced that it would no longer mint new BUSD going forward. As of Feb. 19, 2023, there are approximately 13,238,824,118 BUSD in circulation.