BUSD's supply has dropped to its lowest level since April 2021, which stands at 6.68 billion coins in circulation. The data shows that there has been a 19.8% depletion in the stablecoin's supply over the past 30 days. This could be attributed to the halt that was placed by the New York State Department of Financial Services (NYDFS) on 13th February 2021 when BUSD had 16.1 billion tokens in circulation. Since then, 9.42 billion BUSD tokens have been redeemed.

The BUSD rich list illustrates that the top ten of the 166,645 unique addresses holding the stablecoin make up 92.52% of the total circulating supply. Binance, the world's largest crypto exchange by trade volume, accounts for 6.1 billion of BUSD, making up the sevens largest BUSD addresses out of the top ten.

At its peak, BUSD had a market capitalization of $23.49 billion and a 24-hour global trade volume of $11 billion. As of April 15, 2023, the global trade volume has decreased to approximately $2.61 billion due to the decrease in BUSD supply. This dwindling of coin supply has led to the Makerdao protocol DAI's stablecoin to threaten to surpass BUSD in circulation. In opposition to BUSD, DAI's supply has decreased 13.6% in the last month, presenting $5,016,181,138 DAI in circulation.

Though BUSD was once one of the largest USD-backed stablecoins and has faced a decrease in circulation, its current supply levels leave it as the third-largest USD-pegged token in the crypto market. The BUSD redemptions seem to be continuing and have shown no signs of slowing down, leaving time to see which stablecoin, BUSD or DAI, will outlast the other in the long-term.



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