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

The maneuver is a sign of investors exiting BUSD quickly. The $700 million redemption in a little more than a day represents some 6% of the total coins in circulation. Changpeng “CZ” Zhao, chief executive of Binance, the world’s largest crypto exchange by trading volume, tweeted Monday that BUSD market capitalization “will only decrease over time.”