Just a day after regulators claimed Binance USD (BUSD) as a security, Paxos has burned approximately $684 million of BUSD stablecoin for redemption in USD. According to information on the network revealed
Paxos, formerly a BUSD issuer, has stopped issuing additional BUSD after the companyreceiveNotification from the US Securities and Exchange Commission (SEC)
Paxos says dollar-denominated redemptions for BUSD will be supported until at least February 2024.
The redemption started for about $144 million the day before. This was followed by tens of millions of additional redemptions. And this brought the total supply of BUSD down below $16 billion, down to $15.81 billion.
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