140,000,000 BUSD were burned at Paxos Treasury and Binance Dollar (BUSD) dropped out of the top 10 by capitalization. With Paxos sentenced to death by US regulators, BUSD is rapidly disappearing from the market stablecoin map. Despite Paxos’ commitment to maintain margins and convert BUSD to cash, the market share of this stablecoin has clearly declined.
140,000,000 BUSD Burnt At Paxos Treasury
The current supply of this stablecoin is only about 10.98 billion tokens, unable to create new coins, and has decreased by about 31% over the last 30 days due to continuous coin burning by Paxos. This directly represents the stablecoin market capitalization ranking. According to CoinGecko, BUSD ranked sixth in terms of market capitalization before the incident, but has since slipped out of the top ten, landing at number 11.
Tether (USDT) is the coin that benefits most from maintaining its unique status. According to DefiLlama, the total supply of USDT has increased by about 5% over the past 30 days, bringing the stablecoin market cap to $70.9 billion. Tether directly controls a 52.3% market share, with the overall valuation of the stablecoin array dropping at around $135.4 billion. Circle’s Dollar Coin (USDC) comes in second position. Despite allegations of indicating Paxos-BUSD to New York officials, Circle has remained steadfast in recent months. USDC’s market capitalization is currently around $42.2 billion, or 31.2% of the market.
TrueUSD is another stablecoin (TUSD) gaining popularity. Binance seems to have shifted its focus to TUSD after it became unable to trade with BUSD, as it issued a number of stablecoins on February 17th. TUSD supply increased by 16% in his 30 days, bringing the capitalization to $1.1 billion. TrueUSD currently has a market share of 0.8%, ranking fifth after USDT, USDC, ВUSD and DAI. The stablecoin wars are expected to intensify in the near future as new players join the fray, including: B. Curve’s crvUSD, Aave’s GHO, Fantom’s fUSD.
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