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Binance USD Stablecoin Sees $2B Reduction in a Month Amid Token Mismanagement

CoinDesk LogoCoinDesk1w ago

Binance USD Stablecoin Sees $2B Reduction in a Month Amid Token Mismanagement - CoinDesk

Quick Summary:

BUSD’s circulating supply fell to $15.4 billion on Wednesday, paring down $1 billion over the past week and $2 billion in a month, according to cryptocurrency price tracker CoinGecko.

Stablecoin dominance within the broad cryptocurrency market dropped to 12.4% from its all-time high of 16.5% in December, suggesting traders have been rotating from stablecoins into riskier assets, CryptoCompare said.

The latest drop extended BUSD’s decline from $22 billion in early December when anxious users scrambled to withdraw funds from Binance after it botched a report about its digital asset reserves.


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Article Details

Author / Journalist: Krisztian Sandor

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2023-01-25 @ 22:31:24 (1 weeks ago)

News Timezone: GMT -5:00

Ranking: #211 (out of 9530 stories this day)

News Source URL: coindesk.com

Language: English

Article Length: 895 words

Reading Time: 5 minutes read

Sentences: 42 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinDesk

News ID: 4793947

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Main Topics: Crypto

Official Website: coindesk.com

Update Frequency: 13 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

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News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #8

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