BUSD’s supply falls below $20B as USDC’s supply climbs above $45B
Binance USD’s (BUSD) supply declined by over 15% to $18.8 billion from $22 billion within the last 24 hours after Binance experienced a surge in withdrawals.The exchange saw the largest stablecoin outflow on Dec. 13, as over $2 billion was withdrawn in 24 hours.
The withdrawals appeared to have affected BUSD’s supply as it dropped below $20 billion for the first time since climbing above it in September when Binance converted its users’ holdings in other stablecoins like USDC to BUSD. USDC appears to be the primary beneficiary of BUSD’s declining supply. Its market cap was largely around $65.8 billion throughout the reporting period.