Cryptocurrency price tracker to CoinGecko according to, BUSDcirculating supply of $15.4 billion decreased by $1 billion last week and $2 billion in a month.
According to cryptocurrency price tracker CoinGecko, the circulating supply of BUSD fell to $15.4 billion on Wednesday, dropping $1 billion in the past week and $2 billion in a month.
The latest drop deepened BUSD’s $22 billion dip in early December as worried users struggled to withdraw funds from Binance after a report on digital asset reserves was mistaken.
BUSD is a dollar-pegged stablecoin issued by New York-based fintech firm Paxos Trust under the Binance brand, backed by cash and US Treasury bond reserves.
Investors use stablecoins as a medium to convert traditional fiat money into digital assets and facilitate cryptocurrency trading.
The latest drop came amid recent reports of bugs involving the exchange’s wrapped token variants known as Binance-peg tokens.
On the other hand, Binance’s banking partner Signature Bank will stop transfers under $100,000 using the SWIFT interbank messaging system from February 1.
Recent problems have caused BUSD to fall further behind stablecoin rivals, which have become fierce competition.
According to data from DefiLlama, which tracks the performance of digital assets, BUSD lost 11.3% of market capitalization in a month, while USDT gained 1.3% and USDC fell 1.9%.
Still, BUSD is only one of the top three stablecoins to increase its market value over the past year.
On the other hand, since it is a stablecoin of an exchange like Binance, it is estimated that BUSD may even overtake USDT in the next bull period.
*Not investment advice.
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