Binance stablecoin BUSD has seen its circulating supply decrease by more than $8 billion since mid-November 2022 to present.
According to data from CoinMarketCapthe circulating supply of stablecoin BUSD on January 25, 2023 was once at only $15.3 billion, continuously decreasing in January.
This is the result of Binance continuously receiving negative information in December 2022, causing a serious decline in confidence in the exchange and their branded products.
The supply of BUSD peaked at $23.4 billion in mid-November 2022, when the cryptocurrency market was still reeling from the FTX crash. That’s also when BUSD’s market share in the stablecoin segment surged to an all-time high of 17.55%.
However, after losing $8.1 billion in capitalization, BUSD’s market share is now only 12.43%, returning what was taken back to USDT and USDC.
In January 2023, BUSD continued to be discovered as having a collateral problem in mid-2021, but was confirmed by Binance to have fixed it. In addition, the exchange also admitted to sharing users’ money with collateral for B-Tokens, causing many people to question these “flaws” of the exchange.
The total capitalization of the stablecoin array as of the morning of January 26 reached 137.3 billion USD, maintaining the downtrend since May 2022 of the LUNA – UST crash.
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