Six days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Currently, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7% of the crypto economy’s $67.71 billion in global trade volume over the past 24 hours.

Statistics show that a significant amount of BUSD has been redeemed over the past six days, with the supply dropping by 17.77% during that time frame. Over the past 30 days, the supply of BUSD has shrunk by 19.2%.As of Feb. 19, 2023, there are approximately 13,238,824,118 BUSD in circulation, meaning that the 17.77% of BUSD redeemed accounted for 2.861 billion tokens being removed from the market.

Notably, Paxos’ other stablecoin, pax dollar (USDP), has seen its supply decrease by 19.3%. A significant amount of pax gold (PAXG) has also been removed, as 11.3% of the circulating supply has been erased in 30 days. In contrast, tether (USDT) has seen its supply increase by 5.8%, resulting in a market capitalization of more than $70 billion.