According to statistics, there has been a significant decrease in the supply of the BUSD stablecoin over the past 30 days. From December 5, 2022, to January 6, 2023, there was a roughly 23.8% decrease. Since December 13, 2022, the BUSD supply has seen a drop of more than $5 billion. It fell from $21.84 billion to its current value of $16.77 billion.
Fluctuations in the Stablecoin Market
There was a big decrease in the supply of BUSD that made by Paxos and Binance. According to the data, BUSD, which is among the top 10 stablecoins in supply, experienced the most intense decrease in its supply between December 5, 2022, and January 6, 2023. In contrast, Tether increased by 1.1% in the past month, and USDC has increased by 1.8%. The decrease in stablecoin supply coincided with a period of significant speculation about Binance, the largest crypto exchange. Last month, Binance announced that Binance US would try to acquire Voyager Digital’s assets, but the US Securities and Exchange Commission (SEC) intervened in the deal. In addition, the SEC stated that they are investigating the debtors involved. In addition to the SEC, Alameda Research, a currently defunct trading unit of FTX, also opposed Binance US’s acquisition of Voyager’s assets.
BUSD’s Supply Drop
There was a $5 billion drop in BUSD supply, and the company lost $3.24 billion of that $5 billion in 3 days between December 13, 2022, and December 16, 2022. The global trade volume at that time was much higher, and according to statistical data, the 24-hour trade volume on December 13 was $9.38 billion, compared to $4.41 billion today.
The Relationship with Turkish Lira
The most important trading pair of BUSD is Tether (USDT), but according to the information published on cryptocompare.com, it also has a strong relationship with the Turkish lira. Measurements made on January 6, 2023, show that the Turkish lira represents 2.45% of all BUSD trades.
Turkey has been experiencing a government debt and currency crisis since 2018. Bitcoin.com explained that at the beginning of 2022, stablecoins are becoming more popular in Turkey, with the Turkish lira representing 7.20% of the $3.51 billion in 24-hour trades of BUSD on January 3. BTC, ETH and BNB can be counted as the other top trading pairs of BUSD on Binance. Furthermore, the DAI stablecoin by Makerdao decreased by 2.9%, while GUSD by Gemini decreased by 3.8%.
Source
https://news.bitcoin.com/
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