• BUSD stablecoin has been removed from the top 10 crypto list in terms of market cap.
• Paxos announced that it will no longer issue the dollar-pegged cryptocurrency BUSD.
• 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.
BUSD Dropped Out Of The Top 10 Crypto List
BUSD now ranks eleventh among all crypto assets behind Dogecoin. There were around 16.1 billion BUSD coins in circulation at the time of the announcement, but now only about 11,129,348,406 BUSD are in circulation. According to data compiled by coingecko.com, Global BUSD transaction volume was roughly 6.84 billion dollars within a 24 hour period with Binance being the most active exchange for BUSD trades.
Paxos Announced To No Longer Issue The Dollar-Pegged Cryptocurrency
Almost 5 billion worth of BUSD stablecoins have been redeemed since Paxos stated on February 13th that it will no longer issue the dollar-pegged cryptocurrency BUSD. Despite this redemption of 4.98 billion over the past 12 days, there has been maintained parity with U.S dollar as tether (USDT) was used in majority of deals while Turkish lira was included in 2.80% of all trades on Saturday as well as making up 1%7 percent of total value estimated at 1 trillion dollars according to current market capitalization rankings which put it behind Dogecoin but above Lido staked Ether (STETH).
97 Million Worth Of #BUSB Destroyed By Authorities
The crackdown by authorities led to 97 million #BUSB (97 million USD) being destroyed at Paxos Treasury as reported by Crypto Whale Alerts and an additional 700 million worth tokens were destroyed by its creator in 2nd week alone leading to total destruction amounting to almost 800 million USD worth tokens since announcement made 14 days ago regarding its removal from top ten list for cryptocurrencies based on their market capitalizations .
Maintains Parity With U.S Dollar Despite Redemption Of Tokens
As mentioned earlier despite redemption of 498 billion tokens over previous 12 days there has been maintained parity with US dollar because tether (USDT) has been used for majority if deals during this period and Turkish lira was included 2 point 8 %of all trades during Saturday after these events occurred leaving only 11129348460 coins currently in circulation which makes up 1 point 7 percent of total value estimated at one trillion dollars based on current market capitalization rankings placing it 11th among all available crypto assets behind doge coin but still above Lido Staked ether (STETH).
In conclusion despite removal from top ten list due to decline in its dominance over past 12 days , bsd continues to maintain its parity with US dollar through majority usage if tether(USDT) along side inclusion if turkish lira continuing trends that began 14days ago when paxos first announced its decision not to issue any more dollar pegged cryptocurrencies leading way for other cryptos such as doge coin or Lido staked ether STETH replace bsd’s place