- This analytics is provided by the Glassnode portal.
- Activity in the segment has been falling since February, when Paxos suspended the issuance of new tokens
- BUSD hit by US sanctions
- Its market share is gradually being taken over by Tether
- USDT capitalization is close to a new high
- But the volume of BUSD fell to $6 billion
According to Glassnode, the number of sender and recipient addresses in the BUSD sector has dropped to 23,190 and 24,220, respectively. This is a new two-year low.
This is how the metric by the number of sender addresses looks like:
And recipients:
In both cases, it can be seen that activity is declining. With a high degree of probability, both indicators will continue to decline.
According to Messari, BUSD capitalization has decreased to $6.09 billion:
Recall that before that, at the beginning of the year, the capitalization of the asset exceeded $23 billion. BUSD competed with USDC and USDT, but fell under US sanctions.
In February, Paxos, the issuer of the token, officially suspended the issuance of new “coins”. The company continues negotiations with regulatory authorities, but so far to no avail.
The resulting vacuum in the stablecoin market seems to be filled by Tether. USDT capitalization is growing despite the criticism of the company in Washington. Recall that it was this asset that was at the center of discussion when considering the law on stablecoins in the Financial Services Committee.
As for Binance, now the exchange is interested in another “coin” – TUSD. In February, the exchange minted $50 million worth of stablecoins.