Binance Trades Majority of BUSD to USDT, 5 Billion Dumped for Dollars

Since Feb 13 Paxos stopped mining BUSD. Most likely from SEC pressure. Over 5 Billion BUSD has been redeemed for dollars. A good since it didn’t depeg. Also all withdraws are still active thankfully. So there were about 16.1 billion BUSD coins in circ, but now there are around 11,129,348,406 BUSD circulating. Binance trade the most volume at 6.84 Billion and the majority of transactions have been found to be to USDT. Strange enough the Turkish Lira was about 3% of transactions.

While this is all a lot to take in and understand why Binance wouldn’t try and back up their coin and instead fold but the bright side is….

No one is losing money

BUSD is still 1:1 pegged with the $

No accounts are “temporarily frozen”

Withdrawals are active and user funds are safe and sound

Binance isn’t being shit down by the SEC

Now we can just add BUSD to the list of dead / dying stables coins. In the coming years I hope to see more controlled burns like this when we see a token die. Binance is trying to make sure the market knows everyone is fine and most likely this is due to new regulations in swing. USDT is going to stay the popular option for now with low fees and not under the thumb of regulators for the moment.