The supply of stable currency issued in February further contracted to US $128.4 billion, down 3.2%

According to the report, according to the data of The Block Research, the supply of stable currency issued in February further contracted to US $128.4 billion, with a decline of 3.2%. The market share of USD stable currency USDT and USDC rose to 55.7% and 31% respectively. On the other hand, after the New York State Department of Financial Services ordered Paxos Trust Co. to stop issuing more BUSD tokens, about $5.6 billion of BUSD has been destroyed. In addition, the adjusted trading volume on the stable currency chain also declined to US $558.1 billion in February, a drop of 17.6%.

Interpretation of this information:

The message refers to the decrease in the supply of stable currency in February 2021. According to data from The Block Research, the supply contracted to US $128.4 billion, which is 3.2% lower than the previous month. A stable currency is a cryptocurrency designed to minimize price volatility by being connected to a real-world asset, such as the U.S. dollar or gold.

The report also highlights the market share of two stable currencies, USDT and USDC, which had a combined total of 86.7%. USDT had a market share of 55.7%, and USDC had a 31% market share, showing that these stable currencies are popular among users.

Furthermore, the message notes that Paxos Trust Co. was ordered by the New York State Department of Financial Services to stop issuing more BUSD tokens. BUSD is a stable currency that is pegged to the U.S. dollar and issued by Paxos. This regulation has led to the destruction of approximately $5.6 billion in BUSD tokens.

Another important figure mentioned in the message is the trading volume on the stable currency chain, which declined to US $558.1 billion in February 2021, down by 17.6% compared to the previous month. This decline in trading volume may be attributed to the decrease in supply and decreased confidence in stable currencies during a period of economic volatility.

Overall, this message suggests that the stable currency market experienced a contraction in February 2021, with a decrease in supply and trading volume. However, USDT and USDC remain the most widely used stable currencies, indicating that users continue to have faith in these digital assets. The regulatory action against BUSD may also signal increased oversight from financial authorities in the cryptocurrency space.