The crypto asset BUSD has been removed from the top ten crypto assets by market capitalization after Paxos announced that it would no longer mint the stablecoin. Since the announcement, nearly $5 billion worth of BUSD stablecoins have been redeemed, and the asset has fallen out of the top ten positions.
At the time of the announcement, there were approximately 16.1 billion BUSD coins in circulation, but today there are around 11,129,348,406 BUSD circulating. BUSD has remained at parity with the U.S. dollar throughout the past 12 days and the redemption of 4.98 billion BUSD.
Binance’s reserve portfolio showed that the crypto exchange held $9.01 billion in BUSD on Feb. 25, 2023. Globally, BUSD had a 24-hour trade volume of around $6.84 billion, with Binance being the most active BUSD exchange. The majority of BUSD trades were paired with the stablecoin tether (USDT), while the Turkish lira still accounted for 2.80% of all BUSD trades on Saturday.
Currently, out of the $1.1 trillion crypto economy, BUSD accounts for 1.007% of the aggregate value. That dominance has decreased significantly over the past 12 days, and BUSD was officially removed from the top ten crypto coin positions this weekend.
What do you think about the nearly $5 billion worth of BUSD stablecoins redeemed over the past 12 days, causing the asset to drop from the top ten positions? It is clear that the removal of BUSD from the top ten crypto assets has had a significant impact on the crypto market. The redemption of BUSD has caused the asset to lose its place in the top ten, and it is likely that the asset will remain out of the top ten for the foreseeable future. It will be interesting to see how the crypto market responds to the removal of BUSD from the top ten and how the asset will fare in the future.