The Activity of BUSD Addresses is Weakening: Report

The number of transactions with Binance USD (BUSD) has dropped to its lowest level since mid-2021, as observed by Glassnode.

This decrease in token holder activity was caused by the Paxos team’s decision to cease issuing the stablecoin, which was made under pressure from US regulators last winter.

As a result, its capitalization has fallen below $10 billion for the first time in two years, and currently stands at $6.092 billion.

Following this, some exchanges, such as Coinbase, have started to delist BUSD.

This has also led to a decrease in the number of DeFi-related transactions involving the asset. At its peak, BUSD’s capitalization exceeded $23 billion, but the exit of capital has led to a growth of Tether’s (USDT) supply to over $81.89 billion as of May 3.