Interpretation:BUSD sees significant supply decrease in past 30 days
On February 20, according to statistics, 28.61 BUSDs have been withdrawn from the market in the past six days, that is, the supply has decreased by 17.77% duri…
On February 20, according to statistics, 28.61 BUSDs have been withdrawn from the market in the past six days, that is, the supply has decreased by 17.77% during this period. In the past 30 days, the supply of BUSD has decreased by 19.2%. When Paxos, the issuer of stable coins, announced that no new BUSD stable coins would be issued, the current BUSD was 16.1 billion US dollars. According to Nansen’s exchange portfolio tool, as of February 19, Coin An currently holds 10.9 billion BUSD. The indicators show that of the 67.71 billion US dollars of global transactions of cryptoeconomy on the same day, BUSD still accounts for 7.24 billion US dollars, accounting for 10.7% of the total.
Data: The supply of BUSD has decreased by about 18% in 6 days, and the market value of other stable currencies of Paxos has also decreased significantly
Interpretation of the news:
According to recent statistics, BUSD, a stable coin issued by Paxos, has seen a significant decrease in its supply in the past 30 days. On February 20, it was reported that 28.61 BUSDs were withdrawn from the market in the past six days, resulting in a 17.77% decrease in supply during this period. The supply of BUSD has decreased by 19.2% in the past month.
One of the reasons for this decrease in supply is the announcement made by Paxos that no new BUSD stable coins would be issued. At the time of the announcement, the current BUSD in circulation was valued at around 16.1 billion US dollars. However, according to Nansen’s exchange portfolio tool, as of February 19, Coin An held 10.9 billion BUSD, which means that a large amount of BUSD is held by a single entity.
Despite this decrease in supply, BUSD still accounts for a significant portion of the daily transactions in the cryptoeconomy. On the same day, BUSD accounted for 7.24 billion US dollars, which represents 10.7% of the total global transactions in the cryptoeconomy.
This decrease in supply of BUSD may have a significant impact on the value of the stable coin. As the supply of BUSD decreases, its value could potentially increase due to the law of supply and demand. However, the high concentration of BUSD holdings by a single entity may also make the stable coin vulnerable to manipulation.
In conclusion, BUSD has seen a significant decrease in supply in the past month, which may impact its value in the future. However, it still remains a significant player in the cryptoeconomy, accounting for a significant portion of daily transactions.
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