bitcoin
Bitcoin (BTC) $ 62,805.83
ethereum
Ethereum (ETH) $ 3,474.77
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 415.87
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.594212
binance-usd
BUSD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.128547
cardano
Cardano (ADA) $ 0.684428
solana
Solana (SOL) $ 125.70
matic-network
Polygon (MATIC) $ 1.04
polkadot
Polkadot (DOT) $ 8.63
tron
TRON (TRX) $ 0.143694
Thursday, February 29, 2024
More
    bitcoin
    Bitcoin (BTC) $ 62,805.83
    ethereum
    Ethereum (ETH) $ 3,474.77
    tether
    Tether (USDT) $ 1.00
    bnb
    BNB (BNB) $ 415.87
    usd-coin
    USDC (USDC) $ 1.00
    xrp
    XRP (XRP) $ 0.594212
    binance-usd
    BUSD (BUSD) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.128547
    cardano
    Cardano (ADA) $ 0.684428
    solana
    Solana (SOL) $ 125.70
    matic-network
    Polygon (MATIC) $ 1.04
    polkadot
    Polkadot (DOT) $ 8.63
    tron
    TRON (TRX) $ 0.143694

    Binance Inches Nearer to Discontinuing BUSD Stablecoin

    -

    -Advertisment-

    Binance, one of many largest international crypto exchanges, is inching nearer to discontinuing its BUSD stablecoin.

    This follows the latest completion of the conversion of BUSD token balances to FDUSD for eligible customers, marking a pivotal shift within the tradeโ€™s stablecoin technique.

    - Advertisement -

    Binance Converts BUSD to FDUSD

    Binance introduced that customers can now affirm the receipt of FDUSD tokens by checking their Distribution or Conversion Historical past pages.

    Notably, all eligible BUSD balances in customersโ€™ Spot and Funding Wallets underwent conversion to FDUSD at a 1:1 fee. The FDUSD tokens, encompassing ERC20, BEP20, and opBNB good contract addresses, symbolize Binanceโ€™s newest foray into stablecoin choices.

    Regardless of these modifications, deposits for BUSD tokens have resumed, offering customers with continued flexibility. These deposits will likely be transformed to FDUSD at a 1:1 ratio for eligible customers on weekdays, with the opportunity of pauses with out prior discover. Moreover, customers can manually swap BUSD for FDUSD utilizing Binance Convert.

    Nonetheless, itโ€™s necessary to notice that withdrawals for BUSD tokens are not supported.

    The screenshot beneath exhibits that FDUSD has a market share of simply 1.39%, whereas BUSD nonetheless has a market share of 0.75%. Tetherโ€™s USDT stays a dominating participant, with a market share of over 70%.

    Learn extra: What Is a Stablecoin? A Newbieโ€™s Information

    Stablecoin Dominance. Supply: DefiLlama

    Why Binance Ditch Its Stablecoin

    This transfer comes after Binance introduced in August 2023 its plan to step by step part out BUSD, following a directive from the New York Division of Monetary Companies (NYDFS) to Paxos, the issuer of BUSD, to stop minting the coin in February 2023.

    See also  XRP Relisted on Main Crypto Trade

    On the time. Binance additionally confronted a lawsuit from the Commodity Futures Buying and selling Fee (CFTC) for allegedly providing unregistered crypto by-product merchandise within the US and violating federal legal guidelines. The tradeโ€™s new CEO, Richard Teng, succeeding founder Changpeng Zhao, has expressed dedication to regulatory compliance, particularly within the US market.

    Learn extra: Binance Overview 2024: Is It the Proper Crypto Alternate for You?

    In gentle of those developments, Binance has set deadlines for discontinuing BUSD help. The trade ended help for BUSD on December 15, 2023, with customers in a position to redeem their BUSD till February 2024.

    -Advertisment-
    -Advertisment-
    -Advertisment-
    -Advertisment-

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    -Advertisment-

    LATEST POSTS

    NFT and Metaverse

    NFT and the meta universe, collectively, kind an astonishing duo that has the power to redefine possession, digital funds, and the very material of the...

    Analyst Labels Bitcoin Rally Strongest Pre-Bull Cycle But

    All the cryptocurrency area is fueled with pleasure as the worth of Bitcoin rallied at present, demonstrating immense resilience, reaching the $59,000 threshold and even...

    Circle faucets Coinheck to increase its providers in Japan

    Stablecoin issuer Circle introduced โ€˜plans for a partnershipโ€™ with Japanese crypto trade Coincheck to increase USDC entry within the Asian market. In accordance with a press...

    This Swiss Metropolis Will Problem $113 Million Tokenized Bond Amid CBDC...

    Swiss Metropolis St. Gallen will difficulty a $113 million three-year digital bond utilizing the SIX Digital Change (SDX). The bond may be settled utilizing Switzerlandโ€™s...
    -Advertisment-

    Most Popular