Stablecoin transfer volumes have fallen by 19.2% in the past week, led by a major slowdown in the use of Binance's BUSD, which fell by 353.3% over the course of the week. The market cap of BUSD and other major dollar-pegged stablecoins, such as USDC and TUSD, has also been declining. Since their respective peaks, USDC supply has fallen by $20 billion, and BUSD supply has lost $11 billion. The decline in stablecoin supply is due to a shift in investment towards less volatile assets such as BTC and ETH, and BUSD's ongoing challenges, including the SEC's potential enforcement action against its issuer Paxos.

(By James Morales)