- This is the analysis of Glassnode
- Activity in the segment has been falling since February, when Paxos suspended new token issuance
- BUSD came under sanctions in the US
- Tether is gradually taking its market share
- USD capitalization is close to a new high
- BUSD volume is down to $6 billion
According to Glassnode, the number of sender and receiver addresses in the BUSD sector dropped to 23,190 and 24,220, respectively. This is the new two-year minimum.
This is what the metric looks like for the number of sender addresses:
And recipients:
In both cases, you can see that activity is on the decline. With a high probability both indicators will continue to decrease.
According to Messari, the capitalization of BUSD fell to $6.09 billion:
We remind, earlier this year, the capitalization of the asset exceeded $23 billion.. BUSD competed with USDC and USDT, but came under sanctions in the U.S.
In February, Paxos, the issuer of the token, officially suspended the release of new “coins”. The company continues to negotiate with regulators, but so far to no avail.
The vacuum created in the stabelcoin market appears to be filled by Tether. USDT capitalization grows despite criticism of the company in Washington.
Recall that this asset was the center of discussion in the consideration of the law on stabelcoins in the Committee on Financial Services.
With regard to Binance, the exchange is now interested in another “coin” – TUSD.. In February, the stock exchange found $50 million in staples.