The regulatory hammer has fallen hard and this time it has come down hard on Paxos, the issuer of BUSD. As a result, a bank-run type of event ensued as investors dropped BUSD.

Prior to the halt order, roughly 35% of all Binance volumes involved BUSD. The situation forced many holders to exit the stablecoin. The latest Glassnode data revealed that BUSD exchange outflow volume reached a monthly peak of $15,342,884.87.

While BUSD exchange outflows have soared to a 4-week high, the amount of BUST supply on exchanges is now down to its lowest point this month.

(By Michael Nderitu)

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