• Paxos announced the removal of 4.98 billion BUSD stablecoins from circulation, causing it to drop out of the top 10 crypto assets by market capitalization.
• 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.
• BUSD’s dominance has decreased significantly over the past 12 days, and its market cap is now below dogecoin’s at around $11.12 billion.
Paxos Announces Removal of BUSD Stablecoins
On February 13th, 2023, Paxos announced that it would no longer mint and issue BUSD, a dollar-pegged cryptocurrency asset. As a result, 4.98 billion BUSD stablecoins have been removed from circulation to date.
BUSD Drops Out of Top 10 Crypto Assets
Consequently, BUSD has fallen out of the top ten crypto assets by market capitalization and is currently valued at around $11.12 billion which is lower than dogecoin’s market cap which stands at $11.24 billion as of writing this article.
Global Trade Volume & Dominance
As far as global trade volume is concerned, 24 hours worth of trading amounted to around $6.84 billion with Binance being the most active exchange for this currency pair according to coingecko stats where USDT was the most commonly used pairing for trading with this asset followed by Turkish Lira accounting for 2.8%. Although USD parity remains intact since day 1 when PAXOS made their announcement regarding no more minting/issuing new coins .
Current Market Cap
As per current stats out of entire crypto economy’s net value 1 trillion dollars worth ,BUSD accounts for only 1% or 1/10th percent in total market share due to significant decrease in dominance since PAXOS’s announcement ,which has caused it to fall below dogecoin and Lido Staked Ether (STETH) in terms market valuation .
In conclusion after all these events that took place in span 12 days we can safely say that although there was redemption going on but still USD parity remains intact and currently it is 11th largest crypto asset by market cap as per current stats out there .