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

Paxos, the issuer of the $16 billion Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Paxos announced on Monday that it would stop issuing the cryptocurrency amid mounting regulatory pressure, blockchain data shows.

Data from blockchain intelligence firm Nansen shows that a Paxos Treasury crypto wallet transferred $703 million worth of BUSD tokens to a burn address within 27 hours starting Monday morning, essentially removing the coins from circulation.

Paxos Treasury sent the first transaction of $144.5 million worth of BUSD at Monday 13:47 UTC, data from blockchain monitoring tool Etherscan shows – less than two hours after the announcement. Eight more transactions followed in the next 27 hours, worth some $559 million.

BUSD BUSD $1.00
-0.07%
stablecoin Paxos
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