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Statistics recorded on April 15, 2023, show that the number of coins in circulation for the stablecoin $BUSD dropped below the 7 billion range to 6.68 billion, marking the lowest number of $BUSD in circulation since April 2021. Furthermore, data indicates that the supply of $BUSD has shrunk by 19.8% over the past 30 days.
$BUSD Stablecoin Supply Hits Lowest Point in Two Years
$BUSD, which was once among the largest stablecoins, remains the third-largest USD-pegged token. However, on February 13, 2023, Paxos announced that the New York State Department of Financial Services (NYDFS) had directed the company to stop issuing $BUSD. On that day, around 16.1 billion $BUSD tokens were in circulation, and since then, 9.42 billion stablecoins have been redeemed.
Between March 15 and April 15, 2023, $BUSD’s supply decreased by 19.8%. In mid-November 2022, $BUSD’s market capitalization was at its highest point ever at $23.49 billion, with a global trade volume of over $11 billion within a 24-hour period. However, on April 15, 2023, with its much smaller market valuation, $BUSD’s 24-hour global trade volume is approximately $2.61 billion.
Nansen’s statistics reveal that Binance, the largest crypto exchange by trade volume, holds 6.1 billion $BUSD, according to Nansen’s exchange portfolio tool that shows the trading platform’s reserve balances. The $BUSD rich list shows that the top ten holders, including Binance’s stash, hold 92.52% of the circulating supply out of 166,645 unique addresses that hold $BUSD. Furthermore, the top 100 $BUSD holders own approximately 96.09% of the stablecoin’s current supply.
Binance-associated addresses control seven out of the top ten largest $BUSD addresses. Current data suggests that if the redemptions continue, the stablecoin issued by the Makerdao protocol $DAI will soon surpass $BUSD’s current number of tokens in circulation. Presently, there is $5,016,181,138 $DAI in circulation, but the $DAI supply has also decreased over the past 30 days by 13.6%.