The circulating supply of Binance USD (BUSD) has fallen to $2.8 billion, marking its lowest point since early 2021, when the stablecoin was still relatively new to the crypto market, according to CryptoSlate’s data.
The Binance-backed stablecoin has seen its market share rapidly decline this year after it was labeled securities by the U.S. Securities and Exchange Commission (SEC) in its legal actions against the exchange. Besides that, BUSD issuer Paxos was forced to stop other mints of the asset by the New York Department of Financial Services. Binance and Paxos vehemently rejected this SEC classification.
While Binance has committed to maintaining support for the stablecoin until its complete phase-out, regulatory actions have prompted a swift exodus from the troubled stablecoin within the crypto community, causing its circulating supply to dwindle to under $3 billion from a peak exceeding $20 billion last year.
Binance push alternatives
With BUSD certain to end by next year, Binan
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