Stablecoin Issuer Paxos Burns $700M Binance USD in 27 Hours Amid Regulatory Pressure

The maneuver is an indication of traders exiting BUSD rapidly. The $700 million redemption in just a little greater than a day represents some 6% of the full cash in circulation. Changpeng “CZ” Zhao, chief government of Binance, the world’s largest crypto alternate by buying and selling quantity, tweeted Monday that BUSD market capitalization “will solely lower over time.”