{"id":20414,"date":"2023-02-13T14:24:22","date_gmt":"2023-02-13T22:24:22","guid":{"rendered":"https:\/\/coinnetworknews.com\/busd-redemptions-soar-near-290-million-in-8-hours-after-nydfs-consumer-alert-bitcoin-news\/"},"modified":"2023-02-13T14:24:22","modified_gmt":"2023-02-13T22:24:22","slug":"busd-redemptions-soar-near-290-million-in-8-hours-after-nydfs-consumer-alert-bitcoin-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/busd-redemptions-soar-near-290-million-in-8-hours-after-nydfs-consumer-alert-bitcoin-news\/","title":{"rendered":"BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert \u2013 Bitcoin News"},"content":{"rendered":"
Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approximately 16.16 billion tokens in circulation. In the past eight hours, nearly $290 million has been redeemed, bringing the number of BUSD in circulation to 15.87 billion.<\/strong><\/p>\n The stablecoin BUSD is experiencing increased activity on Monday as the third largest stablecoin by market capitalization has seen 286,720,127 BUSD redeemed<\/a> in approximately eight hours. The increased activity began the previous day, when reports claimed<\/a> the U.S. Securities and Exchange Commission (SEC) had sent Paxos a Wells Notice regarding potential charges. Earlier reports also claimed the New York Department of Financial Services (NYDFS) was investigating Paxos.<\/p>\n The following day, Paxos published a press release<\/a> stating that it was cooperating with the New York Department of Financial Services (NYDFS) and would cease minting BUSD. The company added that \u201cexisting BUSD tokens will remain fully-backed and redeemable through Paxos Trust Company three ough at least February 2024.\u201d Alongside the Paxos press release, the New York regulator issued a Consumer Notice<\/a> regarding the Paxos-issued binance usd (BUSD) stablecoin.<\/p>\nStablecoin BUSD Sees Increased Redemption Activity During Regulatory Scrutiny<\/h2>\n