Crypto Whales and Sharks Unload More Than $200,000,000 in Binance USD in Past Day Amid Regulatory Uncertainty: Santiment

Crypto whale and shark addresses unloaded $200 million worth of Binance USD (BUSD) in a single day amid swirling regulatory uncertainty surrounding stablecoins, according to analytics firm Santiment.

New in Santiment Notes analysis Dealing with holdings between 1,000 and 10,000,000 BUSD dumped $207.49 million worth of stablecoins in 24 hours.

The company also said that the overall supply of BUSD on cryptocurrency exchanges reached 58.9%, the highest level since late December.

BUSD’s dramatic supply shift follows news reports that the New York Department of Financial Services (NYDFS) has ordered Paxos, the cryptocurrency company that issues and operates stablecoins in partnership with Binance, to freeze production. Concrete.

Reports that the U.S. Securities and Exchange Commission (SEC) plans to sue Paxos also surfaced on Monday, but have not been confirmed.

Paxos announced On Monday, we announced that we were terminating our relationship with Binance regarding the branded stablecoin BUSD. The company also states that all his BUSD tokens are always backed by his 1:1 ratio of USD denominated reserves.

BUSD briefly fell to around $0.99 but mostly held its desired peg, trading at $1.00 at the time of writing.

Meanwhile, BNB is down more than 5% in the last 24 hours, trading at $292 at the time of writing.

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