BUSD Stablecoin Drops from Top 10 Crypto Assets Amid Significant Decrease in Dominance

After Paxos announced that it would nary longer mint the stablecoin BUSD, 4.98 cardinal BUSD stablecoins person been removed from circulation to date. The Paxos-managed stablecoin has besides fallen retired of the apical 10 crypto assets by marketplace capitalization, slipping beneath dogecoin’s valuation with a marketplace headdress of astir $11.12 billion, compared to the meme coin’s $11.24 billion.

BUSD Redemption: Almost $5 Billion Worth of Stablecoins Removed from Circulation successful 12 Days

Since Paxos announced connected Feb. 13, 2023, that it would nary longer contented the dollar-pegged crypto plus BUSD, astir $5 cardinal worthy of BUSD stablecoins person been redeemed. At the clip of the announcement, determination were astir 16.1 cardinal BUSD coins successful circulation, but contiguous determination are astir 11,129,348,406 BUSD circulating. Throughout the past 12 days and the redemption of 4.98 cardinal BUSD, the dollar-pegged crypto plus has remained astatine parity with the U.S. dollar.

BUSD is nary longer a apical 10 crypto plus and contiguous it accounts for 1.007% of the crypto economy’s nett value.

On Feb. 25, 2023, Binance’s reserve portfolio showed that the crypto speech held $9.01 cardinal successful BUSD. Globally, BUSD had a 24-hour commercialized measurement of astir $6.84 billion, with Binance being the astir progressive BUSD exchange, according to coingecko.com stats. The bulk of BUSD trades were paired with the stablecoin tether (USDT), portion the Turkish lira inactive accounted for 2.80% of each BUSD trades connected Saturday.

Currently, retired of the $1.1 trillion crypto economy, BUSD accounts for 1.007% of the aggregate value. That dominance has decreased importantly implicit the past 12 days, and BUSD was officially removed from the apical 10 crypto coin positions this weekend. As of writing, BUSD is the 11th largest marketplace valuation retired of the thousands of crypto assets successful existence, with a marketplace headdress beneath dogecoin (DOGE) and supra lido staked ether (STETH).

What bash you deliberation astir the astir $5 cardinal worthy of BUSD stablecoins redeemed implicit the past 12 days, causing the plus to driblet from the apical 10 positions? Share your thoughts connected this taxable successful the comments conception below.

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