BUSD Stablecoin Out of the Top 10 Crypto List in Terms of Market Cap
- BUSD now ranks eleventh among all crypto assets behind Dogecoin.
- Binance’s reserve portfolio on February 25, 2023, showed $9.01 billion in BUSD.
Almost $5 billion worth of BUSD stablecoins have been redeemed. Since Paxos stated on February 13, 2023, that it will no longer issue the dollar-pegged cryptocurrency BUSD. There were around 16.1 billion BUSD coins in circulation at the time of the announcement. But there are now only about 11,129,348,406 BUSD in circulation.
Binance’s reserve portfolio on February 25, 2023, showed $9.01 billion in BUSD. According to data compiled by coingecko.com, in a 24-hour period. Global BUSD transaction volume was roughly $6.84 billion, with Binance being the most active BUSD exchange.
Maintains Parity With U.S Dollar
Despite the redemption of 4.98 billion BUSD over the previous 12 days. The dollar-pegged cryptocurrency has maintained its parity with the U.S. dollar. Although the stablecoin tether (USDT) was used in the vast majority of BUSD deals on Saturday, the Turkish lira was nonetheless included in 2.80% of all BUSD trades.
Moreover, now, BUSD represents 1.007 percent of the total value of the crypto market, which is estimated at $1.1 trillion. Throughout the previous 12 days, BUSD’s supremacy has substantially dwindled, and as of this past weekend, it has been officially eliminated from the top 10 cryptocurrency rankings. Based on its current market capitalization, BUSD ranks eleventh among all crypto assets, behind Dogecoin (DOGE) and above-lido-staked ether (STETH).
Furthermore, after the current crackdown by authorities, 97,858,390 #BUSD (97,868,345 USD) were destroyed at the Paxos Treasury, as reported by the crypto whale alert. Binance USD (BUSD) is a stablecoin with a market cap of $16 billion, and its creator, Paxos, destroyed about $700 million worth of tokens in the second week of this month.
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