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BUSD Exchange Outflows Reach Monthly Peak As Paxos Fuels Mass Exodus

The regulatory hammer has fallen hard and this time it has come down hard on Paxos, the issuer of BUSD. As a result, a bank-run type of event ensued as investors dropped BUSD.

Prior to the halt order, roughly 35% of all Binance volumes involved BUSD. The situation forced many holders to exit the stablecoin. The latest Glassnode data revealed that BUSD exchange outflow volume reached a monthly peak of $15,342,884.87.

While BUSD exchange outflows have soared to a 4-week high, the amount of BUST supply on exchanges is now down to its lowest point this month.

(By Michael Nderitu)

Get the latest news here: Cointime channel — https://t.me/cointime_en

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