• BUSD stablecoin has been dropped from the top 10 crypto assets by market capitalization, with a current market cap of around $11.12 billion.
• Since its announcement 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.
• Currently out of the global $1.1 trillion crypto economy, BUSD accounts for 1.007% of the aggregate value and is now 11th largest market valuation in terms of crypto assets.
BUSD Stablecoin Drops From Top 10 Crypto Assets
After Paxos announced that it would no longer mint the stablecoin BUSD, 4.98 billion BUSD stablecoins have been removed from circulation to date causing it to drop from the top ten crypto assets by market capitalization. It’s current market cap is around $11.12 billion compared to dogecoin’s $11.24 billion valuation which has caused it to slip below in rankings making dogecoin take its place as a top ten asset again.
BUSD Redemption: Nearly $5 Billion Worth Of Stablecoins Removed From Circulation In 12 Days
Since Paxos announced on February 13th 2023 that they would no longer be issuing their dollar-pegged cryptocurrency asset, almost 5 billion dollars worth of BUSD stablecoins have been taken out of circulation (redeemed). Before this announcement there were 16.1 billion circulating coins but now there are only 11,129,348,406 left circulating globally with a 24 hour trading volume hovering just under 7 billion dollars according to data from coingecko statistics with most trades paired with Tether (USDT). These stats also show that Binance holds 901 million dollars worth in their reserve portfolio and 2.8% of all trades occur using Turkish Lira as a currency pair for trading purposes
BUSD Accounts For 1% Of The Crypto Economy’s Net Value
As of writing this article BUSD currently accounts for 1% of the entire global cryptocurrency economy’s net value totalling at just over one trillion US Dollars ($1T). This dominance has decreased drastically throughout these past 12 days since its removal from being a top ten coin position and slipping into 11th place above lido staked ether (STETH) but below dogecoin (DOGE).
Decrease In Dominance
The decrease in dominance reflects how much influence an asset has when compared to other available options within its own field or industry as well as how appealing it may be when looking at investment potential based off metrics such as stability and liquidity amongst others which can draw investors into certain tokens or coins or push them away due to concerns about those same metrics not being up to par or meeting expectations thus resulting in what we’re seeing here with this decline in dominance for the once popular Paxos managed stable coin known as BUSD .
In conclusion we can see that despite remaining at parity with US Dollar since its redeeming started shortly after announcing they would no longer issue it anymore due to reasons still unknown today ,the fact remains that nearly $5 Billion dollars worth of their token got removed from circulation over these past 12 days causing its rank among cryptocurrencies go down drastically .