It’s been nearly a month since the SEC & NYDFS’s enforcement against Paxos and BUSD. So what’s happened? BUSD redemptions have ramped up quite quickly, with BUSD down nearly $8B (~50%) in the period. Overall, stablecoins are down ~$2.4B, with both USDT and USDC seemingly absorbing ~$2.5B each of the BUSD outflow. Considering all that has