BUSD Stablecoin Drops from Top 10 Crypto Assets Amid Significant Decrease in Dominance

BUSD Stablecoin Drops from Top 10 Crypto Assets Amid Significant Decrease in Dominance

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. BUSD is no longer a top ten crypto asset and today it accounts for 1.007% of the crypto economy’s net value.

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 coingecko.com 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 over the past 12 days, and BUSD was officially removed from the top ten crypto coin positions this weekend. As of writing, BUSD is the 11th largest market valuation out of the thousands of crypto assets in existence, with a market cap below dogecoin (DOGE) and above lido staked ether (STETH). Tags in this story Altcoins, Asset, Asset Management, Binance, Binance BUSD, Blockchain, BUSD, Circulation, CoinGecko, Crypto, Cryptocurrency, Decentralization, Digital Currency, dogecoin, Dominance, Exchange, Fiat, Market Cap, Parity, Paxos, Portfolio, redemption, Stablecoin, stablecoin assets, Stablecoins, Tether, Top Ten, trading, Trading Volume, Turkish Lira, US Dollar, USDT

What do you think about the nearly $5 billion worth of BUSD stablecoins redeemed over the past 12 days, causing the asset to drop from the top ten positions? Share your thoughts on this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Solana Blockchain Experiences Technical Glitch Causing Transaction Slowdowns ALTCOINS | 2 hours ago Ethereum"s Transition to Proof-of-Stake Yields Deflationary Results ALTCOINS | 5 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto Market Slides as Total Value Locked in Defi Falls Below $50 Billion Mark Next articleSolana Blockchain Experiences Technical Glitch Causing Transaction Slowdowns Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms