The stablecoin landscape witnessed a shifting dynamic this week, with the once fourth-largest stablecoin, binance usd (BUSD), relinquishing its position. This change arises from the crypto asset’s supply dwindling below the 3 billion mark, while in a surprising twist, the stablecoin trueusd (TUSD) experienced a surge in supply from 2.9 billion to 3.438 billion in three days. These developments unfolded shortly after Binance’s announcement of a gradual phase-out plan for the dollar-pegged token BUSD.
BUSD Supply Sinks Below the 3 Billion Threshold
Binance usd, abbreviated as BUSD, has fallen below the 3 billion mark, as data from etherscan on September 3, 2023, reveals a decrease in supply to 2.844 billion BUSD. The once-prominent stablecoin issued by Paxos has ceded its standing as the fourth-largest stablecoin, now ranking fifth among the top ten dollar-pegged coins by market valuation. Binance declared three days ago that it would gradually phase out BUSD, discontinuing trading p
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