After the news yesterday where Paxos announced that it will stop issuing BUSD, it has increased deposits on the exchange

^{SOurce pixabay autor Alexas_Fotos}

Hello friends, as I said in my post yesterday the company Paxos will leave to issue BUSD following investigations by the New York Department of Financial Services (NYDFS). Thanks to this news, BUSD deposits in the exchange house have increased.

According to glassnode records, in the last 7 days, 34,333 deposits have been registered, exceeding those registered in November of last year, this suggests that users are exchanging their BUSD for other stablecoins, preventing a future catastrophe of said currency.

Glassnode alerts in its twitter account mentioned that in November of last year 33,244 deposits were registered and today it has had an increase of 3.9%, surpassing the highest peak that has been registered so far.

As we can see in the arrow that marks that the deposits had touched the lowest points and only in one day it shot to the highest point thanks to the announcement made by the Paxos company 2 days ago.

All this due to the intervention that the United States Securities and Exchange Commission (SEC) would be undertaking against Paxos, in addition to an order issued by the (NYDFS) imposing a brake on the issuance of BUSD.

At the moment, the news does not seem to have had too much of an impact on the stablecoin market at the price level, but it is evident that the reactions of the users have been noticed, hopefully it will happen later.

I think that despite the strong pressure from the regulators, BUSD will continue its operations regularly, it all depends on the confidence that the stablecoin is providing as the months go by and what news is coming out about the investigations of the Paxos case.

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