BUSD’s trading volume dropped to lowest point in February on Coinbase

Binance USD (BUSD) stablecoin trading measurement dropped to its lowest constituent since Coinbase listed it successful April 2022.

According to data from Kaiko’s probe expert Dessislava Ianeva, the stablecoin’s trading measurement successful February was $9 million. Ianeva added that BUSD accounted for conscionable 0.02% of Coinbase’s full volume.

Source: Kaiko

Over the past month, BUSD has travel nether aggravated regulatory scrutiny. On Feb. 13, BUSD issuer Paxos was ordered to halt different mints of the stablecoin by the New York Department of Financial Services (NYDFS).

Following the news, BUSD whales began rapidly dumping the tokens. At immoderate point, BUSD’s proviso shrank by 18.2% — astir $2.27 cardinal — implicit 7 days arsenic investors redeemed their holdings. Binance besides burnt $2 cardinal idle BUSD connected the BNB Chain.

Glassnode’s data, arsenic analyzed by CryptoSlate, showed that BUSD’s equilibrium connected exchanges dropped to nether 10 cardinal wrong 3 months.

These actions resulted successful the stablecoin dropping retired of the apical 10 cryptocurrencies by marketplace cap, according to Coingecko’s data.

Meanwhile,  Coinbase said it would suspend BUSD trading connected its level from Mar. 13 due to the fact that it does not conscionable its listing standards.

The station BUSD’s trading measurement dropped to lowest constituent successful February connected Coinbase appeared archetypal connected CryptoSlate.