After the USD stabilization of Binance USD (BUSD) broke down, Paxos burned more than $144 million in BUSD, while Tether (USDT) minted 1 billion new tokens.
Whale Alert According to data presented by 144 million 469 thousand dollars worth BUSD, Paxos burned in his treasury. on the other hand USDT, TRON in your network 1 billion dollars worth of USDT was issued.
About BUSD issuer Paxos New York Department of Financial Services (NYDFS) As a result of the investigation initiated by Paxos, the front announced that it would end the production of BUSD. After these developments, BUSD dollar stability to 0.992 levels as much as it declined. Experts think that the reason for the burning of a large amount of BUSD in the Paxos treasury is a move to maintain the stability of the dollar.
CoinGecko in circulation according to data 15 billion 730 million dollars worth BUSD. In comparison, the amount of USDT in circulation is 68 billion 411 million dollar it seems to be. BUSD, which seems to have almost regained its dollar equivalence at the time of writing, from $0.999 is being traded.
According to the latest leaked information, the institution that triggered the process between NYDFS and Paxos USDC issuer rival stablecoin company Circle turned out to be.