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BUSD Sees $5 Billion Reduction in Supply in 24 Days, Relationship With Turkish Lira Continues

According to statistics, the stablecoin BUSD saw a significant drop in its supply over the past 30 days, shedding roughly 23.8% from Dec. 5, 2022, to Jan. 6, 2023. Since Dec. 13, 2022, BUSD’s supply has been reduced by more than $5 billion, going from $21.84 billion to its current level of $16.77 billion.

BUSD, the stablecoin founded by Paxos and Binance, has experienced a significant reduction in its circulating supply. Data shows that among the top ten stablecoins by market capitalization, BUSD has lost the most between Dec. 5, 2022, and Jan. 6, 2023. Tether managed to increase by 1.1% over the past month, and USDC jumped by 1.8% in the last 30 days. However, BUSD shed 23.8% during the last month and now has a market cap of around $16.77 billion. Since Dec. 13, 2022, BUSD has seen approximately 5,066,884,674 net redemptions.

(by Jamie Redman)

BUSD BUSD $1.00
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