Skip to main content

Binance to Gradually Phase Out Support for BUSD Stablecoin

Binance to Gradually Phase Out Support for BUSD Stablecoin

The world’s largest cryptocurrency exchange by global trade volume, Binance, has announced it is discontinuing support for the stablecoin asset BUSD. The trading platform is encouraging users to swap their BUSD as Binance gradually phases out BUSD markets.

BUSD Support Ending on Binance, Users Told to Swap Tokens

On August 31, Binance disclosed BUSD support will be phased out and the exchange is asking users to convert BUSD to other stablecoins before February 2024. The blog post notes the issuer of BUSD, Paxos, has halted minting the stablecoin and Binance is offering no-fee swaps if customers convert BUSD balances into FDUSD.

Binance to Gradually Phase Out Support for BUSD StablecoinOn Sept. 7, Binance will suspend BUSD loans on cross margins and on Oct. 19, cross-margin and portfolio margin users will no longer be able to transfer additional BUSD as new collateral to the platform’s cross-margin wallet. “Withdrawals of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, Tron, and Optimism networks will cease [on September 7],” the exchange disclosed.

Other suspension announcements say support will continue “until further announcements.” Several other phase-out BUSD dates are listed for Binance’s loan and earn programs. BUSD has seen its supply gradually decline since Paxos was told by U.S. regulators it could no longer mint BUSD.

The stablecoin’s market valuation is just above the $3 billion range, while there’s 327 million FDUSD in circulation today. Binance’s announcement notes that while BUSD is being discontinued, the exchange assures that “BUSD will always be backed 1:1 by USD.”

Meanwhile, Binance commands a majority of the TUSD supply according to Nansen analytics which shows the exchange’s TUSD stash represents more than 5% of its reserves. Binance further controls more than $17 billion worth of tether (USDT).

What do you think about Binance ending support for BUSD? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/OjvWd5L
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin ETFs Snap 10-Day Streak: $93M Flees as Fidelity’s FBTC Takes the Hit

Data compiled Friday revealed a striking reversal for spot bitcoin exchange-traded funds, which snapped a ten-session inflow streak with a $93.16 million exodus—marking their first day of negative movement. Bitcoin ETFs Drain While Ether ETFs Gain The abrupt shift punctuated a previously unbroken stretch of positive momentum for U.S. bitcoin ETFs, culminating in a $93.16 […] from Bitcoin News https://ift.tt/Q1xgKWA
Post a Comment
Read more

Richard Teng Takes Charge as Binance CEO Following Changpeng Zhao’s Exit

After Changpeng Zhao’s exit, Richard Teng has stepped in as the new chief executive officer of Binance, the globe’s largest crypto exchange in terms of trading volume. On Tuesday, Teng made his introduction to the public through social media platform X, assuring that under his stewardship, Binance will “continue to meet and exceed the expectations of stakeholders.” Richard Teng Assumes Binance’s Top Role, Succeeding CZ This week marked a significant event for crypto enthusiasts as they observed one of the largest settlements in the industry’s history. The settlement involved Binance and the U.S. Department of Justice, with Binance incurring fines totaling approximately $4.3 billion. Following this development, the exchange’s CEO, Changpeng Zhao — popularly known as “CZ” — resigned. Post-settlement, on Tuesday, CZ announced via Twitter that Binance’s ex-Global Head of Regional Markets, Richard Teng, has been appointed as the new CEO. Teng brings an extensive history in the financ...
Post a Comment
Read more

Glassnode and Ark Invest Introduce ‘Cointime Economics’ — A New Model to Measure Bitcoin’s Value

Researchers from Glassnode and Ark Invest have collaborated to develop a new economic model for analyzing Bitcoin’s onchain metrics called “Cointime Economics.” The framework offers an alternative way to measure the economic activity and value of bitcoin based on “coinblocks” rather than the standard accounting method of unspent transaction outputs, or UTXOs. Cointime Economics: A Unique Framework for Analyzing Bitcoin The Cointime Economics white paper explains that coinblocks are the product of the number of bitcoin, or BTC , multiplied by the number of blocks they are held without moving. For instance, ten bitcoins held for ten blocks would equal 100 coinblocks. This method aims to capture the real economic weight and importance of each bitcoin based on the time it remains dormant. The longer a bitcoin is unmoved, the higher its cointime and implied economic significance. Cointime Economics introduces metrics such as coinblocks created, destroyed, and stored to describe Bitcoi...
Post a Comment
Read more