BUSD’s supply falls below $20B as USDC’s supply climbs above $45B News ▸ Binance ▸ USDC ▸ Stablecoins
BUSD’s supply falls below $20B as USDC’s supply climbs above $45B
BUSD's supply is down after Binance faced unprecedented stablecoin withdrawals in a 24 hour time frame — the exchange remains unfazed.
1 min read
Updated: Jun. 23, 2023 at 10:43 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance USD’s (BUSD) supply declined by over 15% to $18.8 billion from $22 billion within the last 24 hours after Binance experienced a surge in withdrawals.
The withdrawals appeared to have affected BUSD’s supply as it dropped below $20 billion for the first time since climbing above it in September when Binance converted its users’ holdings in other stablecoins like USDC to BUSD.
The exchange saw the largest stablecoin outflow on Dec. 13, as over $2 billion was withdrawn in 24 hours.
USDC supply up
USDC appears to be the primary beneficiary of BUSD’s declining supply. According to CryptoSlate data, USDC’s market cap grew to as high as $45.08 billion from a low of $42.53 billion within the last 24 hours.
When Binance users request withdrawals in USDC, the exchange must convert its BUSD into the Circle-backed stablecoin to honor such requests.
Meanwhile, Tether’s USDT supply also saw its supply rise sharply to around $65.98 billion as of press time. Its market cap was largely around $65.8 billion throughout the reporting period.
Despite the spate of withdrawals, Binance remains unfazed, with CEO Changpeng ‘CZ’ Zhao saying it was a good idea to “stress test withdrawals” on centralized exchanges after the spike.
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BUSD is a stablecoin issued by Paxos in partnership with Binance..
USD Coin
$0.99990
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether
$0.99998
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.