The value of BUSD stablecoins that have been redeemed since Paxos stated on February 13, 2023, that it would stop manufacturing the currency, which is tethered to the dollar, is almost $5 billion. At the time of the announcement, there were roughly 16.1 billion BUSD coins in use. However, there are now only roughly 10,737,174,662 BUSD in use.
BUSD Stablecoin does not Take Place Top 10 Cryptocurrencies by Market Cap
The dollar-pegged cryptocurrency has kept its parity with the American dollar despite the redemption of 4.98 billion BUSD during the past 12 days. The Turkish lira was used in 2.80% of all BUSD trades on Saturday, despite the stablecoin Tether (USDT) accounting for the great bulk of BUSD transactions.
Moreover, BUSD now accounts for 1.007 percent of the $1.1 trillion overall market value for cryptocurrencies. BUSD stablecoin‘s supremacy has significantly declined over the last 12 days, and as of this past weekend, it has formally dropped from the top 10 cryptocurrencies. In terms of market capitalization, BUSD is now ranked eleventh among all cryptocurrencies.
Moreover, according to the crypto whale alert, 97,858,390 #BUSD (97,868,345 USD) were destroyed at the Paxos Treasury following the current crackdown by the government. The developer of Binance Dollar (BUSD), a stablecoin with a market size of $16 billion, destroyed tokens valued at around $700 million in the second week of this month.