According to Glassnode data, BUSDThe number of sending and receiving addresses reached the lowest level in the last two years.
BUSD activity has dropped drastically since regulators scrutinized the stablecoin that Binance previously supported. Binance USD, commonly known by the acronym BUSD, Binance and financial services provider PaxosIt is a joint project between
Tether Rises While BUSD Falls
The decline in Binance USD activity, Paxos’ February U.S. Securities and Exchange CommissionThis happened after he received a Wells notice from SEC.
The regulatory agency has classified BUSD as an unregistered security. The following month, Binance CEO Changpeng Zhao announced that its exchange will convert approximately $1 billion remaining from Industry Recovery Initiative funds into Bitcoin, Ethereum and BNB. Crypto assets, on the other hand, would only be bought with Binance USD.
which once generated a supply of over $23 billion BUSDToday, it hovers at just over $6 billion.
Tether’s USDT is currently worth more than $82 billion. This number is the second-ranked number extracted by Circle. USDCAbout $50 billion more.
By far the most dominant stablecoin in the crypto industry Tethercontinues to issue new tokens relatively quickly.
Looking at Ethereum’s stablecoin supply in particular, the total USDT reaches over 36 billion tokens. Binance USD, on the other hand, has just over 6 billion tokens in total. For some, the supply of USDT has historically helped determine the direction in which the Bitcoin price or the crypto market as a whole will trend.
Simon Cousaert, director of research at The Block, said last month: “Overall, Tether issues new USDT when it sees higher demand. This indicates that new cash is entering the system,” he said.
