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Binance USD  


BUSD Price:
$21.3 M
All Time High:
Market Cap:
$84.7 M

Circulating Supply:
Total Supply:
Max Supply:


The price of #BUSD today is $1.00 USD.

The lowest BUSD price for this period was $0, the highest was $1.002, and the exact current price of one BUSD crypto coin is $1.00228.

The all-time high BUSD coin price was $1.40.

Use our custom price calculator to see the hypothetical price of BUSD with market cap of BTC or other crypto coins.


The code for Binance USD crypto currency is #BUSD.

Binance USD is 4.4 years old.


The current market capitalization for Binance USD is $84,703,838.

Binance USD is ranking downwards to #338 out of all coins, by market cap (and other factors).


The trading volume is large during the past 24 hours for #BUSD.

Today's 24-hour trading volume across all exchanges for Binance USD is $21,296,894.


The circulating supply of BUSD is 84,511,463 coins, which is 100% of the total coin supply.


BUSD is a token on the Linea blockchain.


BUSD is well integrated with very many pairings with other cryptocurrencies and is listed on at least 54 crypto exchanges.

View #BUSD trading pairs and crypto exchanges that currently support #BUSD purchase.



Licensing & Registration Are Not Equal to Regulation

Dan Burstein is the General Counsel and Chief Compliance Officer of Paxos We are in the midst of a monumental shift of financial market infrastructure. The future of an open, digital economy rests on upgraded infrastructure replacing antiquated banking systems. At the heart of this transition is the adoption of stablecoins — digital dollars that are accessible to anyone at any time. At this key inflection point, it’s crucial for consumers, enterprises, service providers and regulators to fully understand the dynamics dictating prominent stablecoins’ operations, oversight (or lack thereof) and reserving practices. At Paxos, we believe the only way to establish and maintain safety and transparency for customers is through rigorous oversight from a prudential regulator. This thesis has unfortunately borne out in the reserve mix for both USDC and USDT (Tether). Both of these tokens’ reserves are backed by a significant amount of non-cash financial instruments. A prudential regulator is crucial to ensuring the integrity of products used in the crypto ecosystem, and neither USDC nor USDT has such a regulator. A legitimate stablecoin must hold value through all economic cycles. Both USDC and Tether “stablecoins” are only stablecoins in good times. The USDC and Tether reserves are backed substantially by obligations with long maturities and by corporate issuers, which are subject to liquidity, credit and interest rate...

A Regulated Stablecoin Means Having a Regulator | Paxos

I have been reading with a combination of disbelief and exasperation the recent claims by Circle that “USDC has become the world’s most trusted and well-regulated dollar digital currency,” as well as by Tether that “Tether is registered and regulated.” Neither USDC nor Tether is a regulated digital asset, for the simple reason that neither token has a regulator. In fact, neither USDC nor Tether tokens are “stablecoins” in anything other than name. These tokens are backed by illiquid and risky debt obligations — a critical weakness that no prudential regulator would allow to exist as this creates undue risk for their customers. This is the key issue. Even if USDC or Tether adjusted their reserving practices so that their tokens were to actually become stablecoins (legitimately backed, 1:1, by US dollar or equivalents), rather than just in name, that should still be of grave concern to customers, regulators and public interest groups. As we have all seen time and again, proper regulation of financial services firms — which must include comprehensive oversight of the products and services offered by those firms — is the only way to protect clients and customers. What does that mean tangibly? There is direct oversight of client protections, resolution planning if there is a failure, privacy protections, consistent reserving practices plus audits and exams to verify this. In other words, even if USDC...

How Paxos is the Most Trusted Operator in Digital Asset Infrastructure | Paxos

Trustworthiness is critical to our business success at Paxos. We believe that by becoming a trusted, regulated, audited infrastructure provider , we can offer the highest levels of safety, protection and security for our clients. We’ve spent years building this oversight and regulatory stack. While many companies may claim high levels of oversight and accountability, few have the credentials required to support your long-term business needs. Before you jump into digital assets, it’s important to understand the landscape. Below are the trustworthiness credentials that Paxos has sought and achieved. These external validators support our position as the most trusted blockchain infrastructure provider in the world. — New York Department of Financial Services Trust Charter - Paxos was the first company to secure a New York State Department of Financial Services (NYDFS) Trust Charter for Digital Assets in 2015. Our Trust charter is the base layer that enables Paxos to operate in other regulatory environments because the NYDFS maintains such high standards for its regulated entities. As a Trust company, Paxos is required by the NYDFS to hold all customer assets bankruptcy remote and separate from corporate assets, so our clients know their cash, crypto and gold are always there and always in their name. Additionally, our Trust charter allows Paxos to partner with new market participants to support a Conditional License....

Fueling the Growth of Enterprise Blockchain Products | Paxos

2020 was a year of uncertainty around the world, but Paxos has continued to grow and we have added 63 new team members. James Hartley, Director of Product Operations at Paxos, is one of those new hires. — Why did you join Paxos?. — I’ve always been interested in finance and investing, and more recently I became interested in blockchain. I left a career in tech after feeling burnt out, and spent a few months travelling and thinking about what I wanted next. I was looking for a few things, and Paxos ticked all the boxes: A small, talented team, based in NY, A company using interesting, high-potential technologies, A strong culture aligned to my values, An inspiring mission and CEO, A company that was rapidly shipping exciting products, What did you do before Paxos?, — Why did you do before Paxos?. — With a computer science background, I started as a software engineer in Sydney building stock market surveillance software. But I wanted more exposure to the business and customers, which led me to technical services roles at Google working on advertiser platforms. I relocated with Google to New York to work alongside the product managers and engineers. Later I joined an 8 person startup in adtech (Arbor), where I did a bit of everything (product, account management, integrations, technical support, solutions consulting, etc). Right before Paxos I spent 3 years at LiveRamp (they acquired Arbor) lea...

Changing US Equities Markets with Blockchain Technology | Paxos

After recent market activity led to institutional and retail brokerages restricting trading on highly volatile stocks like GameStop, the systemic risks caused by the legacy system of equities settlement was exposed for all the market to see. That system must be updated to prevent future market failure and we’re building Paxos Settlement Service to solve this problem with blockchain technology. Today, our Managing Director for the securities business, Greg Lee is here to share his story. — What did you do before Paxos?. — For more than 20 years, I’ve worked in electronic trading for financial institutions like UBS, Deutsche Bank and Barclays. I’ve focused on building, selling, and managing electronic trading systems and platforms. I’ve been fortunate enough to work with some amazing people across the globe and have seen what technology can do to dramatically change markets. I was involved in some of the first FX online trading systems, first Equities online trading platforms. I’ve seen the industry evolve into a fully electronic and algorithmically driven marketplace — and I also lived through the dot com era and saw what unchecked technology aspirations can produce when they aren’t grounded in solid business practices. — What made you join Paxos?. — I know the ins and outs of the market and I felt it was time for a change. I was just looking for the right opportunity. I learned abou...

What Lehman Brothers, Gamestop and the Next Financial Crisis Have in Common | Paxos

Last week a dramatic David versus Goliath storyline played out with retail traders banding together to create a short squeeze on some of the most sophisticated hedge funds betting against Gamestop (GME). When retail brokers (like Robinhood, TD Ameritrade, etc.) responded by restricting trading on GME and other volatile stocks, they created an uproar. Many interpreted this as Wall Street favoring and protecting market insiders. But in reality, the true culprit was the creaking market infrastructure responsible for settling trades. Our settlement system is built to promote trading and liquidity, but cannot withstand the pressure of extreme events. In fact, the system that failed brokerages last week is the same system that exacerbated Lehman Brothers’ collapse. If we do not fix the current clearing and settlement infrastructure that underpins the stock market, it will fail us again. As Robinhood explained, it halted buying for certain tickers because it needed to raise billions in margin to keep operating. It has continued to raise billions for this same reason-more money in days than the $2.2bn since its founding. The unexpected need to have additional billions on hand caught Robinhood and many other firms by surprise due to opaque margin calculations. Until they could meet the margin requirements, firms made the necessary decision to restrict trading of certain stocks. Many retail brokers and some of Wall Street’s biggest...

Full-Time Musician to Software Engineer: My Journey to Fintech | Paxos

As a financial technology firm, Paxos has an ambitious mission to bring technology and product innovation to the regulated financial services industry. We’re building the bridge to an open, 24/7 financial system. Cutting-edge tech and a great engineering team are key pieces to the success of Paxos. Today, our staff software engineer shares his non-conventional career path and why he works at Paxos. — Why did you join Paxos?. — I was looking for a job within the crypto industry when I met a few engineers from Paxos at a BitDevs event Paxos sponsored. I talked with a few of them and was immediately interested in how Paxos approached the cryptocurrency space. This was during the height of the ICO boom of 2017 and it was refreshing to see a company that wanted to be a pioneer in the cryptocurrency space while also taking regulation seriously. I was immediately impressed by the talent and friendliness of engineers I met at Paxos. — What was your work experience before Paxos?. — I have an untraditional engineering background. I first started coding when I was 12 but never received any formal training. I actually have an English degree and was touring in a band for a few years before focusing on engineering as a full-time career. — What are your day to day responsibilities at Paxos?. — As a staff engineer, a lot of my time is spent thinking about fellow engineers and the engineering organiza...

Building Products that can Revolutionize Financial Services | Paxos

In 2020, Paxos launched the Paxos Settlement Service, a blockchain-based network that allows two parties to bilaterally settle US listed securities trades directly with no intermediary. With the No-Action relief from the staff of the US SEC, Paxos is now for Credit Suisse, Instinet and Societe Generale settling listed equities. This is the first time that blockchain-enabled settlement is used in a live environment for publicly traded equities. Today, the Product Manager spearheading this innovation, , is here to share what it’s like to launch a groundbreaking product. — What are your day-to-day responsibilities at Paxos?. — I’m the product manager responsible for working on creating new settlement infrastructure for the securities industry — we call it our securities business line. Paxos is a product-led company and my role here spans across both strategic and tactical domains of building and launching products. I work closely with our leadership and business team to set business goals for Paxos Settlement Service and lead a squad of engineers to execute against a product roadmap to deliver on our goals. To scope our work, I also work with our customers to understand how our product will interact with their systems. Right now, the securities business is in the early adopter stage and we’re preparing for a big product launch which we hope will happen later in 2021. We’re currently finishing building...

How I got to work on the exchange that powers PayPal’s crypto offering | Paxos

2020 has been a tremendous year for crypto, with prominent companies and investors jumping into the industry. is arguably one of the most important forces by making crypto available to millions of Americans. What’s it like to power such an exciting product? Paxos Engineering Manager is here to share his experience. — How did you learn about Paxos?. — I joined in 2018. I had started to get interested in blockchain and knew about Paxos from reading a lot about blockchain around the time people were exploring using it as a distributed ledger for various applications and, of course, the Bitcoin boom of 2016–2017 piqued my interest. I remember being really impressed with the . — Why did you join Paxos?. — I joined Paxos because I really liked the mission and what Paxos was building: a regulated, disruptive approach to creating efficiency in key financial workflows by writing them to a distributed ledger, i.e. blockchain. I was extremely impressed by the team that interviewed me: engineering, product and our CEO & Co-Founder Charles Cascarilla. Prior to joining Paxos, I had worked either in finance or in startup environments, but Paxos seemed to combine the two, along with cutting-edge technology and extreme attention to quality. I originally worked on the securities settlement platform but my role evolved as we grew. — What was your work experience before Paxos?. — I had about 15 yea...

Fueling Paxos’ Growth in 2021 and Beyond | Paxos

I’m thrilled to share that Paxos has closed its Series C investment round and raised $142 million, bringing our total funding to more than $240 million. We are honored to have the support of our lead investor Declaration Partners, as well as new investors Mithril Capital, PayPal Ventures, RIT Capital Partners, Ken Moelis, Alua Capital, Senator Investment Group and more. It is also meaningful to have continued support from past investors like RRE, Liberty City Ventures and others. Their support will help accelerate our growth so we can maintain our leadership position as the provider of blockchain and cryptocurrency infrastructure solutions for the largest enterprises and financial institutions like PayPal, Credit Suisse, Societe Generale and Revolut. Our mission at Paxos is to enable the movement of any asset, any time, in a trustworthy way. That has never changed since we founded the company, but there are many layers to how we achieve this mission. To get there, we believe that we need to help facilitate movement toward a more open, digital economy. In order for the financial system of the future to be truly open, it should be token-based, versus the current account-based system. And to facilitate the mainstream transition to this system, Paxos is building the most effective, high-volume infrastructure. This allows institutions with trillions of dollars worth of assets and billions of customers to become part of the ecosy...


Paypal and First Digital Stablecoins Dominate in December as Binance USD...

    The leading stablecoins, in terms of market capitalization, concluded 2023 with a combined value of around $131.69 billion, yet only two of the top ten experienced increases in 30-day supply. Data reveals that tether, the leading U.S. dollar-pegged crypto asset, observed a 2.5% uptick in its supply, while the newcomer, first digital usd, enjoyed a substantial 85.7% rise. Stablecoin Market Sees Varied Performances Last Month Although the stablecoin market significantly declined since 2022, it ascended once more towards the close of 2023, reaching heights unseen since last May. Yet, among the top ten stablecoins by market capitalization, only two witnessed an uptick in supply over the last 30 days. From Dec. 1, 2023, to Jan. 1, 2024, tether (USDT), the largest stablecoin by market valuation, experienced a 2.5% boost in supply. Presently, USDT holds a market capitalization of $91.86 billion. USDC experienced a slight 0.2% dip, while DAI encountered a 1.7% decline. The greenback-pegged trueusd (TUSD) underwent a 22% contraction in its supply during December. In contrast, the fifth-ranked stablecoin, first digital usd (FDUSD), surged by 85.7%, currently boasting a market valuation of $1.8 billion. BUSD noted a supply reduction of approximately 39% last month, with its market cap now hovering at just over $1 billion. Additionally, Tron's USDD also saw a downtick, with 1.3% of its total supply diminishing in the past 30 days. FRAX and USDP experienced respective declines ranging fro... read More

Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin

    Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin. Binance Starts Burning Tokens Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were BUSD tokens across different blockchains. According to the announcement, the Binance-pegged tokens would be burned on the listed blockchains, and then the exchange would release the equivalent amount of tokens that were initially used as collateral on their native networks. Later today, #Binance will burn a number of idle Binance-pegged tokens. The equivalent amount of tokens on their native networks, which were used as collateral, will then be released. Tokens: TUSDOLD (BSC) BUSD (MATIC) BUSD (BSC) BUSD (BNB) BUSD (TRX) — Binance (@binance) September 14, 2023 The BUSD tokens listed across four networks include BUSD on the Polygon (MATIC) network, BUSD on the Tron (TRX) network, BUSD on BSC, and BUSD (BNB). In addition to these, the exchange also revealed that the TUSDOLD on BSC would be burned as well, making it the only token on this list that is not BUSD. The collateral in this case will be the equivalent of the Binance-peg... read More

BUSD Falls to Fifth Among Stablecoin Leaders; TUSD and FDUSD Supplies Su...

    The stablecoin landscape witnessed a shifting dynamic this week, with the once fourth-largest stablecoin, binance usd (BUSD), relinquishing its position. This change arises from the crypto asset's supply dwindling below the 3 billion mark, while in a surprising twist, the stablecoin trueusd (TUSD) experienced a surge in supply from 2.9 billion to 3.438 billion in three days. These developments unfolded shortly after Binance's announcement of a gradual phase-out plan for the dollar-pegged token BUSD.BUSD Supply Sinks Below the 3 Billion Threshold Binance usd, abbreviated as BUSD, has fallen below the 3 billion mark, as data from etherscan on September 3, 2023, reveals a decrease in supply to 2.844 billion BUSD. The once-prominent stablecoin issued by Paxos has ceded its standing as the fourth-largest stablecoin, now ranking fifth among the top ten dollar-pegged coins by market valuation. Binance declared three days ago that it would gradually phase out BUSD, discontinuing trading pairs for the stablecoin due to U.S. regulators instructing Paxos to halt token issuance. While BUSD's supply contracted, two other stablecoins, TUSD and FDUSD, have witnessed growth over the past 72 hours. Notably, nine out of the top ten stablecoins recorded supply reductions last month, with FDUSD expanding by over 40%. Although TUSD's supply contracted by 3.8% in August, it surged from 2.9 billion to the current 3.438 billion TUSD between August 31 and September 3, marking an 18.55% increase over... read More

Binance to Gradually Phase Out Support for BUSD Stablecoin

    The world's largest cryptocurrency exchange by global trade volume, Binance, has announced it is discontinuing support for the stablecoin asset BUSD. The trading platform is encouraging users to swap their BUSD as Binance gradually phases out BUSD markets.BUSD Support Ending on Binance, Users Told to Swap Tokens On August 31, Binance disclosed BUSD support will be phased out and the exchange is asking users to convert BUSD to other stablecoins before February 2024. The blog post notes the issuer of BUSD, Paxos, has halted minting the stablecoin and Binance is offering no-fee swaps if customers convert BUSD balances into FDUSD. On Sept. 7, Binance will suspend BUSD loans on cross margins and on Oct. 19, cross-margin and portfolio margin users will no longer be able to transfer additional BUSD as new collateral to the platform's cross-margin wallet. 'Withdrawals of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, Tron, and Optimism networks will cease [on September 7],' the exchange disclosed. Other suspension announcements say support will continue 'until further announcements.' Several other phase-out BUSD dates are listed for Binance's loan and earn programs. BUSD has seen its supply gradually decline since Paxos was told by U.S. regulators it could no longer mint BUSD. The stablecoin's market valuation is just above the $3 billion range, while there's 327 million FDUSD in circulation today. Binance's announcement notes that while BUSD is being discontinued, the e... read More

Binance to Discontinue BUSD Support in Q1 2024

    Crypto exchange giant Binance will stop support for BUSD by 2024 after Paxos halted minting the stablecoin following a regulatory clampdown. The firm, meanwhile, has asked users to convert their BUSD to FDUSD, a stablecoin recently listed on the Binance platform. Binance, in an announcement on Aug. 31, revealed that it will delist BUSD spot and margin trading pairs. The company earlier said that it would remove nine cross-margin and isolated margin BUSD trading pairs, including HARD/BUSD, AMB/BUSD, and IOST/BUSD. The announcement also encouraged users to convert their BUSD to FDUSD at 1:1 or trade BUSD assets for FDUSD at zero fees, as the company is looking to cease BUSD support by February 2024. Customers can also convert their BUSD balances to other stablecoins supported on Binance. Meanwhile, BUSD (ERC-20) token withdrawals and deposits on the Ethereum network will be supported until further notice. According to Binance, the latest development comes after blockchain infrastructure platform Paxos stopped minting BUSD. As previously reported by CryptoPotato, the New York Department of Financial Services (NYDFS) directed Paxos to cease minting new BUSD tokens, causing the firm to stop new issuance from Feb. 21, 2023. First Digital USD, or FDUSD, is issued by First Digital Trust, a Hong Kong-based custodian. The stablecoin was listed on Binance in July with 'a zero maker fee promotion for FDUSD trading pairs.' The post Binance to Discontinue BUSD Support in Q1 2024 appeared... read More

Binance To Delist Eight BUSD Trading Pairs Soon, End Full BUSD Support B...

    The world's largest exchange, Binance, has announced plans to delist eight Binance USD (BUSD) trading pairs as the company looks to withdraw full support of the stablecoin by 2024. This follows increased regulatory pressure on the stablecoin in 2023, which has led to a drastic decline in its market share so far.  Binance To Delete Nine Margin Trading Pairs By September 7 In a blog post on Wednesday, Binance laid out intentions to delist eight BUSD cross margin and isolated trading pairs. These include AMB/BUSD, DASH/BUSD, FIDA/BUSD, HARD/BUSD, HOT/BUSD, NULS/BUSD, PORTO/BUSD and REQ/BUSD. Firstly, the exchange will suspend all isolated margin borrowing for these specific pairs on September 1, 2023, at 06:00 (UTC). Thereafter, Binance will close all users' positions, terminate any pending order, and enable an automatic settlement before proceeding to delist these pairs from its isolated margin market on September 7, 2023, at 06:00 (UTC). On the same day and at the same time, these trading pairs will also be removed from Binance's cross margin market.  Binance has stated that users would not be permitted to modify their trading positions during the delisting procedure. Thus, they are advised to close all open positions and transfer their assets from margin wallets to spot wallets prior to September 7 to avoid any possible losses. In the announcement, the exchange did not state a specific reason for delisting eight BUSD pairs at once. However, emerging reports indicate... read More

DAI Emerges as Third-Largest Stablecoin, Overtaking BUSD in Market Capit...

    Makerdao's DAI stablecoin is now the third-largest stablecoin by market capitalization, surpassing Binance USD (BUSD), which has officially declined to $4.304 billion. DAI's market valuation on Friday, June 16, 2023, is approximately $4.394 billion, but the number of circulating DAI has decreased by 5.7% since last month.Stablecoin Rankings Shuffle: DAI Ascends to Third-Largest Stablecoin Position In May 2022, terra usd (UST), now known as terra usd classic (USTC), decoupled from its $1 parity, causing its value to plummet by over 98%. As a result, BUSD emerged as the third-largest stablecoin asset. Additionally, the stablecoin token issued by Paxos held a position among the top ten largest crypto assets by market valuation for several months, until February 13, 2023, when the New York Department of Financial Services (NYDFS) instructed the company to halt the minting of BUSD. Since then, a substantial amount of BUSD has been redeemed, with data indicating that approximately 11.8 billion BUSD has been burned following the NYDFS order. However, up until this week, or around June 15, 2023, BUSD continued to hold its position as the third-largest stablecoin. Today, that is no longer the case, as DAI has officially taken its place as the third-largest dollar-pegged token, boasting a market valuation of $4.394 billion. BUSD's present market valuation is approximately $4.304 billion, which is approximately $89,993,165 lower than DAI's market valuation. Furthermore, DAI distinguish... read More

Stablecoin Race: DAI Surpasses BUSD Amid Binance-SEC Regulatory Row

    DAI stablecoin, with a circulation of around $4.6 billion, has surpassed BUSD amidst mounting legal troubles for the world's largest crypto exchange, Binance. The market capitalization of BUSD has declined to $4.3 billion following the regulatory drama that started earlier this year. According to data from CoinMarketcap, BUSD circulation is down over 70% since the beginning of the year. During the same period, the circulation of DAI has also retraced but by only 20%. BUSD was launched in 2019 under the umbrella of Binance’s 'Project Venus.' Although the crypto exchange does not issue the stablecoin, it has been on a downward spiral for several months now. The first major blow to BUSD's trajectory was Paxos' move to stop minting the stablecoin at the end of February at the direction of the US New York Department of Financial Services (NYDFS). In March, the Commodities Futures Trading Commission (CFTC) filed suit against the exchange for improper licensure and offering US consumers the wrong financial products. The subsequent lawsuit by the SEC against Binance forced the crypto exchange to delist eight BUSD trading pairs from its margin trading platform. While BUSD has shown impressive resilience in the face of turbulence as it managed to maintain its position among the top three most dominant stablecoins for several months, however, the recent surge in burn rate finally pushed its supply below that of DAI. Zooming out, the persistent regulatory attacks on the industry h... read More

Stablecoin Economy Reaches 20-Month Low as BUSD Redemptions Surpass 10 B...

    Three months have passed since Paxos made the decision to cease the production of new BUSD tokens, complying with the directive issued by the New York Department of Financial Services (NYDFS). Since February 13, 2023, 10.62 billion BUSD tokens have been redeemed thus far. Within the span of the last 30 days, slightly more than one billion BUSD stablecoins have been withdrawn from circulation.BUSD Redemptions Exceed 10 Billion Tokens Since NYDFS Announcement Despite tether (USDT) approaching its all-time high in terms of market capitalization, the stablecoin economy is currently experiencing its lowest value range since September 2021. A decent-sized fraction of the stablecoin economy's decline can be attributed to the redemption of BUSD tokens. Three months ago, or 107 days to be precise, Paxos made an announcement in compliance with the directives from the NYDFS, stating that they would cease the production of BUSD tokens. According to archived data from that day, approximately 15.87 billion BUSD stablecoins were circulating. The figure marked a decline of 6.23 billion BUSD from the total of 22.10 billion BUSD in circulation on December 11, 2022. Following the announcement by the NYDFS, the rate at which BUSD was diminishing accelerated significantly, falling below the 10 billion mark on March 2, 2023. Although the pace of reduction has eased since then, data indicates that around 10.62 billion BUSD has been withdrawn since the initial announcement. 10 BUSD Wallets Hold Mor... read More

Stablecoin Economy Shrinks by $7.3 Billion in 2023, USDC and BUSD Record...

    From the beginning of this year, the crypto economy has surged by 41.77%, reaching a current market capitalization of $1.17 trillion. However, amidst this growth, the stablecoin economy experienced a substantial loss of $7.3 billion within a span of 140 days.Stablecoins Experience a Significant Shift As per the latest data, the stablecoin economy has witnessed a $7.3 billion decline in value in 2023. Archived records indicate that on January 6, the stablecoin economy stood at a valuation of $138.12 billion, but as of today, it has dwindled to $130.79 billion. Notably, numerous stablecoin projects experienced substantial redemptions in the past four months, with USDC alone shedding over $14 billion. Similarly, BUSD suffered redemptions exceeding $11 billion since the first week of January, while DAI faced redemptions amounting to $361 million. While USDC and BUSD experienced redemptions exceeding $7.3 billion in 2023, a few other stablecoin projects managed to counterbalance these losses with growth. Take TUSD, for instance, which started the year with a market capitalization of approximately $846.57 million. Today, this stablecoin boasts a market valuation of $2.04 billion, indicating a growth rate of 140.97%. Similarly, tether (USDT) witnessed a substantial increase in its market cap. Back in the first week of January, USDT stood at $66.29 billion, but it has since surged by over 25%, reaching $82.95 billion. Back on January 6, 2023, the stablecoin economy recorded $27.11 b... read More

Stablecoin Trading Dominates Monday's Crypto Market, Tether and BUSD Sel...

    On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several stablecoins, including tether and BUSD, sold at premiums. Tether reached a high of $1.04 per unit and BUSD rose to $1.03 per coin during the morning trading sessions (ET).Small Handful of Stablecoin Assets Trade for Premiums as USDC Closes $1 Parity Gap On Monday, stablecoins experienced significant trade volumes after USDC had difficulty maintaining its peg to the U.S. dollar over the weekend. This caused five other stablecoins to depeg just below the $1 value. Today, USDC has almost closed the gap and is trading at $0.99 per coin, but traders looking to exchange USDC for tether (USDT), binance usd (BUSD), or another stablecoin may have to pay a premium. Currently, tether (USDT) is trading at two cents above the U.S. dollar, with an early morning trading price of $1.04 per coin. Some tether (USDT) spikes went as high as $1.076 per USDT on Monday. BUSD saw a similar premium at $1.03 per unit, and other stablecoins, such as TUSD and DAI, are also experiencing higher prices based on the exchange used by traders. At $1.02 per unit and with 72.55 billion USDT in circulation, the additional two cents brings USDT's market cap up to $74.23 billion at the time of writing. Of the $183.85 billion in global trade volume, USDT accounts for $94... read More

Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum

    On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement.CZ's Decision to Convert $1 Billion BUSD Comes Amidst Troubles for Stablecoins Binance CEO Changpeng Zhao (CZ) announced on Monday that the company had converted $1 billion BUSD into bitcoin (BTC), BNB, and ethereum (ETH). 'Given changes in stablecoins and banks, Binance will convert the remaining $1 billion from the Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH. Some fund movements will occur onchain. Transparency,' Zhao said. After tweeting the announcement, CZ shared an address for the Industry Recovery Initiative and a transaction explorer link for the transfer that the exchange handled. One person replied to CZ's Twitter thread and said: 'People who are a bit unnerved by recent stablecoin developments will feel much more reassured.' The Binance CEO responded that he 'didn't even think about it that way. I was just discussing how to keep the funds in a safe asset. But that works too.' At the time of writing, Binance holds 7.56 billion BUSD stablecoins, according to Nansen's exchange portfolio tool. CZ's announcement comes as USDC had troubles this weekend holding parity with the US dollar after the failure of Silicon Valley B... read More

Coinbase to Suspend Trading of BUSD Amid Regulatory Crackdown

    Cryptocurrency exchange Coinbase announced it will suspend trading and delist the Paxos-managed stablecoin asset BUSD. The decision follows Paxos' revelation that the New York State Department of Financial Services directed the firm to stop issuing the U.S. dollar-pegged token BUSD.Coinbase to Suspend BUSD Stablecoin on March 13 On Feb. 27, 2023, Coinbase announced that it will suspend trading of binance usd (BUSD) following a recent regulatory crackdown on the stablecoin by the New York State Department of Financial Services (NYDFS) on February 13. Reports indicated that the U.S. Securities and Exchange Commission (SEC) sent Paxos a Wells Notice regarding BUSD on that day. Paxos confirmed in a press release that the NYDFS directed the regulated firm to stop issuing the stablecoin. “We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for [binance usd] (BUSD) on March 13, 2023, on or around 12pm ET,” the company said in a tweet published on Monday. “Trading will be suspended on (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime.” Several crypto supporters commented on Coinbase's suspension of BUSD. 'Will you suspend USDC when Gary comes for that too?' one person asked in the thread. Others criticized Coinbase's timing of the stablecoin suspension. 'So at what point did BUSD suddenly fail to meet your listing s... read More

Coinbase Suspends BUSD Trading for Failing to Meet Listing Standards

    Coinbase – the largest crypto exchange in the United States – announced that it is halting BUSD trading one week after the stablecoin’s issuer ceased minting new units of the token.  According to a tweet from Coinbase on Monday, the exchange will suspend trading for the token across, Coinbase Pro, Coinbase Exchange, and Coinbase Prime. Users can still access any BUSD held in their accounts, and withdraw it from the platform at any time.  “We regularly monitor the assets on our exchange to ensure they meet our listing standards,” stated Coinbase. “Based on our most recent reviews, Coinbase will suspend trading for Binance USD (BUSD) on March 13, 2023, on or around 12pm ET.” Coinbase is hesitant to list tokens that exhibit certain characteristics – including over-centralization, unverifiable code, and other aspects that may qualify the asset as a security. The Securities and Exchange Commission (SEC) has accused Coinbase of listing multiple unregistered securities on its platform, but the exchange maintains that it “does not list securities.” Earlier this month, Paxos was ordered to stop minting BUSD by the New York Department of Financial Services (NYDFS). It was later issued a Wells notice by the SEC alleging that BUSD may qualify as an unregistered security.  Coinbase’s legal team maintains that stablecoins are not securities, as does the CEO of Circle – the issuer of the w... read More

BUSD Stablecoin Drops from Top 10 Crypto Assets Amid Significant Decreas...

    After Paxos announced that it would no longer mint the stablecoin BUSD, 4.98 billion BUSD stablecoins have been removed from circulation to date. The Paxos-managed stablecoin has also fallen out of the top ten crypto assets by market capitalization, slipping below dogecoin's valuation with a market cap of around $11.12 billion, compared to the meme coin's $11.24 billion.BUSD Redemption: Almost $5 Billion Worth of Stablecoins Removed from Circulation in 12 Days Since Paxos announced on Feb. 13, 2023, that it would no longer issue the dollar-pegged crypto asset BUSD, nearly $5 billion worth of BUSD stablecoins have been redeemed. 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. Throughout the past 12 days and the redemption of 4.98 billion BUSD, the dollar-pegged crypto asset has remained at parity with the U.S. dollar. On Feb. 25, 2023, Binance's reserve portfolio showed that the crypto exchange held $9.01 billion in BUSD. Globally, BUSD had a 24-hour trade volume of around $6.84 billion, with Binance being the most active BUSD exchange, according to stats. 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 ov... read More

Nearly 3 Billion BUSD Stablecoins Have Been Removed From the Market in 6...

    Six days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Currently, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7% of the crypto economy's $67.71 billion in global trade volume over the past 24 hours.BUSD Supply Shrinks by 17.77% in 6 Days Statistics show that a significant amount of BUSD has been redeemed over the past six days, with the supply dropping by 17.77% during that time frame. Over the past 30 days, the supply of BUSD has shrunk by 19.2%. On Feb. 13, 2023, Paxos, the company that issues, manages, and redeems BUSD, announced that it would no longer mint new BUSD going forward. Redemptions kicked into high gear after Paxos made the announcement, with $290 million being redeemed within eight hours. At the time of the announcement, there was $16.1 billion BUSD in circulation. As of Feb. 19, 2023, there are approximately 13,238,824,118 BUSD in circulation, meaning that the 17.77% of BUSD redeemed accounted for 2.861 billion tokens being removed from the market. The blockchain intelligence firm Nansen has been monitoring the Paxos Treasury wallet, which sends millions of BUSD to the burn address, effectively removing the stablecoins from circulation. According to Nansen's exchange portfolio tool, Binance currently holds 10.9 billion BUSD as of Feb. 19, 2023. Metrics show that BUSD still accounts for... read More

CZ Outlines Need for Stablecoins Pegged to Other Fiat Currencies Amid BU...

    The founder and chief executive of Binance spoke in a Twitter AMA (Ask Me Anything) about different hot topics in the cryptocurrency community as of now, with one of them being expectedly the BUSD clampdown from US authorities. He suggested that the global cryptocurrency ecosystem would benefit if dollar-pegged stablecoins face rivals from other such tokens pegged to different fiat currencies. Not Just USD The cryptocurrency community witnessed enhanced regulatory scrutiny in the past few days coming from various US watchdogs. It began with rumors that the SEC will go after staking, which materialized days later when the securities regulator halted Kraken's staking services. With concerns growing that this crackdown will only intensify and possibly affect Coinbase, which has a similar platform, the company's stock went on a downfall, closing the week with a massive 22% drop. Cryptocurrency asset prices also declined. However, that was just the start, as the SEC reportedly then sent a Wells notice to Paxos suggesting it could take legal action against the issuer of Binance USD because it allegedly sells unregistered securities with the stablecoin. Hours later, the New York Department of Financial Services ordered Paxos to stop issuing BUSD. Binance and CZ, in particular, weighed in on the matter, saying BUSD is issued and custodied fully by Paxos. In an AMA from today, Zhao said the industry will eventually need a more diversified selection of stablecoins, including such pegge... read More

Binance USD (BUSD) Redemptions Surge to $360M as Investors Panic

    Paxos, the issuer of the Binance stablecoin BUSD has announced that it will no longer mint the dollar-pegged asset from Feb. 21. The move came in response to an SEC threat of legal action, accusing the New York Department of Financial Services (NYDFS) regulated company of selling unregistered securities, even though BUSD is a stablecoin. In a statement on Feb. 13, the company said: “Paxos categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws.” As a result, panic has set in once again, and redemptions of BUSD have skyrocketed over the past few hours. Binance and BUSD in the Crosshairs Paxos stated that its BUSD reserves are fully backed 1:1 to the dollar, but that hasn’t prevented the exodus from the stablecoin. Industry analysts have labeled it as a clandestine attack on Binance. The SEC could choose any stablecoin to attack and went with BUSD, even though Paxos is fully regulated and compliant. This is the path of most resistance. Seems like a quiet and misguided attack on Binance. — The Wolf Of All Streets (@scottmelker) February 13, 2023 The BUSD run has caused a 2.2% decline in supply in just a few hours. Before the announcement, there was $16.15 billion BUSD circulating, but over the past 12 hours, that has shrunk to $15.79. This means that around $360 million has been redeemed. Binance USD Price Chart. Source: CoinGecko Furthermore, outflows from Binance have also surged as investors react t... read More

Circle Warned NYDFS About Binance Reserves Prior to BUSD Crackdown: Repo...

    Circle – the issuer of the world’s second-largest stablecoin, USDC – reportedly warned the New York Department of Financial Services (NYDFS) last Autumn that Binance has been mismanaging its token reserves. This came months before Monday’s announcement that Paxos is ending its relationship with Binance surrounding BUSD, by order of the New York regulator.  Circle’s Private Warning As reported by Bloomberg, USDC alerted the NYDFS to blockchain-based signs that Binance did not hold enough crypto in its reserves to support the tokens it had issued to customers. These tokens include its Binance-peg Bitcoin, Ether, USDC, BUSD, and other derivative coins designed to be circulated on Binance’s own network, BNB Smart Chain.  Binance may not necessarily deny such claims: in January, it acknowledged that there were times when its Binance-peg BUSD was not fully backed, with as much as $1 billion missing from its reserves.  Circle’s warning claimed that USDC was also undercollateralized by Binance at times. According to the source contacted by Bloomberg, Binance once supported $1.7 billion worth of Binance peg USDC using only $100 million worth of actual USDC as collateral.  BUSD and USDC are both stablecoins – crypto assets value pegged to the U.S. dollar. Whereas USDC is directly issued by Circle, Paxos issues tokens and maintains reserves in connection with BUSD. Only Binance-peg USDC, and Binance-peg BUSD, are issu... read More

BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer ...

    Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approximately 16.16 billion tokens in circulation. In the past eight hours, nearly $290 million has been redeemed, bringing the number of BUSD in circulation to 15.87 billion.Stablecoin BUSD Sees Increased Redemption Activity During Regulatory Scrutiny The stablecoin BUSD is experiencing increased activity on Monday as the third largest stablecoin by market capitalization has seen 286,720,127 BUSD redeemed in approximately eight hours. The increased activity began the previous day, when reports claimed the U.S. Securities and Exchange Commission (SEC) had sent Paxos a Wells Notice regarding potential charges. Earlier reports also claimed the New York Department of Financial Services (NYDFS) was investigating Paxos. The following day, Paxos published a press release stating that it was cooperating with the New York Department of Financial Services (NYDFS) and would cease minting BUSD. The company added that 'existing BUSD tokens will remain fully-backed and redeemable through Paxos Trust Company three ough at least February 2024.' Alongside the Paxos press release, the New York regulator issued a Consumer Notice regarding the Paxos-issued binance usd (BUSD) stablecoin. Redemptions have begun, with nearly $290 million redeemed on Monday, following billions redeemed in recent months. Three months ago, BUSD's market capitalization was approximately $23.24 billion and more than 30% of it... read More

Binance CEO Warns of 'Profound Impacts' on Crypto Industry if BUSD Is Ru...

    Binance CEO Changpeng Zhao (CZ) has warned of 'profound impacts' on the crypto industry if stablecoin Binance USD (BUSD) is ruled as a security. His warning followed an alleged lawsuit by the U.S. Securities and Exchange Commission (SEC) against Paxos, the issuer of Binance USD.Binance's CEO on SEC Action Against Paxos and BUSD Following the news that the U.S. Securities and Exchange Commission (SEC) intends to take action against Paxos Trust Company over stablecoin Binance USD (BUSD), Binance CEO Changpeng Zhao (CZ) took to Twitter Monday to explain the situation. Paxos, which is regulated by the New York Department of Financial Services (NYDFS), also announced Monday that 'it will end its relationship with Binance for the branded stablecoin BUSD.' Paxos also said it 'will cease issuance of new BUSD tokens' on Feb. 21. 'We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services (NYDFS),' Binance's CEO tweeted, emphasizing: BUSD, even though called Binance USD, is not issued or redeemed by Binance … BUSD is a stablecoin wholly owned and managed by Paxos. CZ noted that when Paxos stops minting new BUSD tokens, the stablecoin's market cap 'will only decrease over time.' At the time of writing, BUSD has a market cap of nearly $16 billion, making it the world's seventh-largest cryptocurrency and the third-largest stablecoin. According to Zhao, 'Paxos will continue to service the product and manage redemption... read More

Aave Considers Freezing BUSD Following NYDFS Enforcement

    Members of the Aave community – a widely used decentralized lending protocol – are mulling a freeze on BUSD after a wave of regulatory pressure against its issuer, Paxos, on Monday. A newly tabled governance proposal would freeze Aave’s BUSD reserve on its Ethereum market beginning in April, only allowing users to burn BUSD tokens for their underlying value.  Abandoning BUSD The proposal in question was tabled by Marc Zeller – an Aave community member and founder of the Aavechan protocol delegate – on Monday. He argued that BUSD has “no real prospect of growth,” and that without the opportunity to mint new tokens, continuing to use it “might hurt peg arbitrage opportunity and asset peg.” “It seems that the most reasonable path for Aave is to freeze this reserve and invite users to switch to another stablecoin among the diversity present in Aave,” he suggested.  BUSD is a stablecoin issued by Paxos that is backed 1:1 by U.S. dollars. Stablecoins are blockchain-based tokens price-pegged to traditionally price-stable assets, such as fiat currencies, to circumvent the volatility typical of other cryptocurrencies. They have a critical presence in the decentralized finance ecosystem, acting as a backbone for lending and trading markets.  On Monday, Paxos announced that it would stop minting new units of BUSD starting February 23, following orders from the New York Department of Financial Services (NYDF... read More

Here's When Paxos Will Stop Minting Binance USD (BUSD)

    The US-based blockchain infrastructure platform - Paxos Trust Company - will stop the issuance of new Binance stablecoins (BUSD) from February 21.  Despite this, the firm said it has a 'strong corporate balance sheet' and vowed to continue servicing new and existing clients. Ending the Relationship With Binance As directed by the New York State Department of Financial Services (NYDFS), Paxos will halt minting new BUSD tokens next week (February 21). However, the entity will keep managing BUSD dollar reserves, assuring all stablecoins have and 'always will be backed' 1:1 with US dollar-denominated reserves and kept in bankruptcy remote accounts.  Paxos will continue supporting BUSD until at least February 2024. Customers will get the chance to cash out their holdings in American dollars or convert them into Pax Dollar (USDP) - another stablecoin issued by the firm and pegged to the greenback.  It assured that the regulatory actions will not harm its balance sheet, long-term goals, or capability to serve customers: 'Paxos continues to maintain strong regulatory capital to protect customers, as well as a strong corporate balance sheet to support our long-term business goals. This action does not impact our ability to continue serving new or existing customers, our continued dedication to grow our staff, or fund our business objectives.' Changpeng Zhao (CZ) - CEO of Binance - said BUSD holders should not be concerned since Paxos will manage redemptions and 'fully c... read More

Paxos Receives Wells Notice from SEC, NYDFS Orders Issuer to Stop Mintin...

    According to a report published on Feb. 12, 2023, the New York-based financial institution and technology company, Paxos, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) regarding alleged violations of investor protection laws. Paxos revealed the following day that it would no longer mint BUSD and it was ending its relationship with the Binance-branded stablecoin in Feb. 2024. Report Claims SEC Plans to Sue Paxos for Alleged Investor Protection Violations, Firm Directed to Stop Minting BUSD Sources cited by the Wall Street Journal (WSJ) say the U.S. Securities and Exchange Commission (SEC) plans to sue Paxos for violating investor protection laws. People familiar with the matter say Paxos received a Wells Notice, a letter sent by a securities regulator regarding a prospective lawsuit. The notice alleges that the stablecoin Binance USD, which Paxos issues and manages, is an unregistered security. Three WSJ reporters published the report and contacted both Paxos and Binance for comment. Binance informed the WSJ that the stablecoin's brand is licensed by the major exchange, but Paxos issues and manages the dollar-pegged asset. A Paxos spokesperson told the reporters that the company is 'not commenting on any individual matter.' The latest news follows an alleged investigation into Paxos by the New York State Department of Financial Services (NYDFS), which was originally reported by Nikhilesh De of Coindesk on Feb. 9. Paxos was founded in 2012 ... read More

New York Regulator Reportedly Stops Paxos From Issuing BUSD, but is it J...

    The world's largest crypto exchange has reportedly admitted that the New York Department of Financial Services has ordered Paxos to stop issuing the Binance USD (BUSD) stablecoin. BUSD is the seventh-largest cryptocurrency, with a market cap of over $16 billion. The United States continues with its clampdown against several cryptocurrency participants. After Kraken fell victim to the SEC last week and had to halt its staking services, Paxos and Binance seem to be under the regulatory scope now. CryptoPotato cited a WSJ report informing that the SEC had issued a Wells notice to Paxos to warn of possible legal actions claiming that the company is selling unregistered securities when it issues BUSD. More recent coverage from the Wall Street Journal claimed that Binance admitted that the NYDFS had ordered Paxos Trust Co to seize issuing the stablecoin. “Paxos has informed us that they have been directed to cease minting new BUSD by the New York State Department of Financial Services.” - reads a statement reportedly sent to Bloomberg. While both the WSJ and Bloomberg said Binance had provided the statement, the company's CEO - Changpeng Zhao - had a somewhat different comment on Twitter. He referred to an old post stressing that people should be aware of the previous Fear, Uncertainty, and Doubt (FUD) created by some media outlets in the past, and they should ignore new such cases. 4 — CZ Binance (@cz_binance) February 13, 2023 The ... read More

Stablecoin Issuer Paxos Faces SEC Wrath Over Binance USD Coin: WSJ

    According to reports on Feb. 12 citing ‘people familiar with the matter,’ the SEC plans to take action against Paxos over the Binance stablecoin, BUSD. The WSJ report stated that the financial regulator issued a letter to Paxos, known as a Wells notice, to inform it of possible enforcement action. The Wells notice enables companies to respond to the SEC to explain why the agency shouldn’t proceed with legal action. It is not a final declaration of enforcement action. The SEC is making the same allegations that it always does with crypto companies – selling unregistered securities, which it asserts BUSD is. Furthermore, the agency has yet to target a large stablecoin issuer but is broadening its scope with this latest salvo. Is BUSD a Security? Paxos partnered with Binance in 2019 to launch the dollar-pegged exchange-branded stablecoin, which is now the world’s third-largest. The crypto community suggested that it was a swipe at Binance since the asset is obviously a stablecoin, not a security. The SEC claims that BUSD is an unregistered security and is suing it's issuer Paxos To be considered a security, the Howey Test is used... I don't think BUSD meets the criteria, it's a damn stablecoin!? Seems more like a shot at Binance, than anything else. — tedtalksmacro (@tedtalksmacro) February 13, 2023 The SEC did not specify whether it had an issue with the company minting the coin or Paxos’ listing BUSD. Last... read More

Binance Integrates Binance-Pegged BUSD On Optimism Network

    Binance, a leading cryptocurrency exchange by client count and trading volumes, has integrated Binance-Pegged BUSD on the Ethereum layer-2 platform, the Optimism Network. Binance Integrates The Optimism Network In a press release on February 2, Binance said their users can now begin depositing and withdrawing the wrapped token via the Optimism Network.  The Optimism Network is a layer-2 protocol on Ethereum seeking to scale the smart contracting platform and drastically lower fees. Transaction fees on Optimism are several folds lower than on Ethereum, and dApps launching on it can benefit from rapid transaction processing speeds.  The Optimism Network is the second largest Ethereum layer-2 platform with a total value locked share of 32.58%. Its native token, OP, is currently trading at $2.79. Following this integration, Binance allows users to transfer Binance-pegged BUSD, a wrapped version of BUSD, on the Optimism network. BUSD is a stablecoin that tracks the USD and is issued by Paxos under the Binance brand.  The issuer of BUSD says the stablecoin, compliant with the ERC-20 standard on Ethereum, is regulated by the New York State Department of Financial Services. The Binance-pegged BUSD is a version of BUSD that can be used to move value beyond Ethereum to Avalanche, Polygon, and Binance ecosystems, including the BNB Smart Chain (BSC).  Binance said holders can swap BUSD and Binance-pegged BUSD freely between chains. As a... read More

Binance USD (BUSD) Exchange Reserves Dry Up, Reason Behind Bitcoin's Slo...

    On-chain data shows the Binance USD (BUSD) exchange reserves have declined recently, a factor that may be behind Bitcoin's slowdown. Binance USD (BUSD) Exchange Reserves Have Gone Down As pointed out by an analyst in a CryptoQuant post, there was a very large inflow of $250 million BUSD just a while ago. The 'exchange reserve' is an indicator that measures the total amount of a cryptocurrency (which, in the present case, is Binance USD) currently being stored on wallets of centralized exchanges. Generally, investors swap their coins for stablecoins like BUSD when they want to avoid the volatility associated with other cryptocurrencies like Bitcoin. When these holders feel that prices are right to reenter the volatile markets, they shift their stables back into their desired coins. This can act as buying pressure for the specific crypto that they are swapping into. Investors usually make use of exchanges to swap these coins, which means that whenever the exchange reserve of a stablecoin like BUSD rises, it presents the possibility that holders want to buy back into volatile cryptocurrencies. A large enough increase in the stablecoin reserve can result in a high amount of buying pressure for other coins, and can therefore have a bullish effect on their prices. Now, here is a chart that shows the trend in the Binance USD exchange reserve (specifically for spot exchanges) over the past couple of months: As you can see in the above graph, the Binance USD exchange reserve observ... read More

BUSD Sees $5 Billion Reduction in Supply in 24 Days, Relationship With T...

    According to statistics, the stablecoin BUSD saw a significant drop in its supply over the past 30 days, shedding roughly 23.8% from Dec. 5, 2022, to Jan. 6, 2023. Since Dec. 13, 2022, BUSD's supply has been reduced by more than $5 billion, going from $21.84 billion to its current level of $16.77 billion.Stablecoin Market Sees Fluctuations With BUSD Losing Significant Supply, Ties to Turkish Lira BUSD, the stablecoin founded by Paxos and Binance, has experienced a significant reduction in its circulating supply. Data shows that among the top ten stablecoins by market capitalization, BUSD has lost the most between Dec. 5, 2022, and Jan. 6, 2023. Tether managed to increase by 1.1% over the past month, and USDC jumped by 1.8% in the last 30 days. However, BUSD shed 23.8% during the last month and now has a market cap of around $16.77 billion. Since Dec. 13, 2022, BUSD has seen approximately 5,066,884,674 net redemptions. The reduction in stablecoin supply coincides with a time of significant speculation surrounding the world's largest cryptocurrency exchange, Binance. Last month, Binance announced that Binance US would attempt to acquire Voyager Digital's assets, but the U.S. Securities and Exchange Commission (SEC) intervened in the purchase. The SEC stated that it was 'formally investigating' the debtors in the matter. In addition to the SEC, Alameda Research, a defunct trading unit of FTX, has also objected to Binance US' purchase of Voyager's assets. Of the more than $5 bi... read More

Zero USDT, USDC, BUSD, and TUSD Printed in December 2022: Analysis

    Stablecoins have continued to play a very critical role in the crypto economy. The ongoing bear market also demonstrated that dollar-pegged coins like USDT and USDC witnessed a parabolic growth in market cap this year. However, top stablecoin issuers seemingly took a break from printing in December amidst a great deal of market turmoil and increased scrutiny. According to data from the 'Stablecoin Printer,' USDT, USDC, BUSD, and TUSD, have not been printed during the last month of 2022. In fact, the two-largest stablecoins by market cap have not been printed for the past several months. USDT was last printed by its issuer, Tether, in May 2022, while USDC's printing continued till June of the same year. The two tokens have been in a constant battle for dominance, and the de-pegging and the subsequent collapse of Terra ecosystem's now-defunct algorithmic stablecoin - UST - did help in closing the gap between them. USDT laid low amidst concerns of Terra-induced contagion spread. USDC, on the other hand, saw an increase in consumer confidence. This resulted in 4% growth YTD from $42.9 billion to $44.6 billion. Market participants ditched USDT for USDC. The latter went on to become the stablecoin of choice on the Ethereum blockchain. The collapse of Terra left a vacuum in the Cosmos ecosystem, where the algorithmically pegged to the US dollar was used heavily across its interconnected family of blockchains. Stablecoin issuer Circle grabbed the chance to natively launch USDC on Co... read More

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