BUSD Supply Sinks Below the 3 Billion Threshold
Binance USD (BUSD), once the fourth-largest stablecoin, has seen its supply decrease to 2.844 billion BUSD, falling below the 3 billion mark. This drop in supply is due to U.S. regulators instructing Paxos, the issuer of BUSD, to halt token issuance. As a result, BUSD now ranks fifth among the top ten dollar-pegged coins by market valuation.
- TUSD and FDUSD have experienced growth over the past 72 hours, while nine out of the top ten stablecoins recorded supply reductions last month.
- TUSD’s supply increased by 18.55% over three days, from 2.9 billion to 3.438 billion TUSD.
- FDUSD’s supply grew from 327 million to 382,548,919 FDUSD, with Binance controlling approximately 99.4397% of the supply.
- Binance commands a significant portion of the supply for BUSD, TUSD, and FDUSD, with its wallets representing 84.2% of the entire BUSD supply.
- The reserves of BUSD, TUSD, and FDUSD held within Binance amass a value of $6.664 billion.
Overall, Binance has significant control over the circulation of these stablecoins, with 21.83% of the circulating tether supply also held by the exchange. The four dollar-pegged tokens, including BUSD, make up 44.18% of Binance’s entire asset balance.
Hot Take:
The decrease in BUSD’s supply and Binance’s control over stablecoin reserves highlight the influence and dominance of the exchange in the crypto market. As regulators continue to scrutinize stablecoins, it remains to be seen how Binance and other exchanges will navigate these challenges and maintain their position in the industry.
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