Browsing:BUSD

5 months ago 1 min read

Binance to Discontinue BUSD Stablecoin Services in December

On December 15, Binance announced that it would no longer support the Binance USD (BUSD) stablecoin. This action follows regulatory challenges faced by BUSD’s issuer, Paxos, earlier this year, which resulted in an order to halt the stablecoin’s minting. Back in August, Binance outlined its phased approach to gradually withdrawing support for the BUSD by February 2024. During this time, users were encouraged to switch to another stablecoin, FDUSD. Notably, Binance is making the conversion free of charge. Despite Binance’s decision, Paxos has assured users that BUSD will be supported and redeemable until at least February 2024, as stated in

1 year ago 1 min read

Binance USD (BUSD) sees 60% drop in supply following SEC enforcement action

Binance USD (BUSD), the third-largest stablecoin, has seen its supply shrink by 60% since mid-February as it has been beleaguered. This exodus has been caused by the U.S. Securities and Exchange Commission (SEC), which classified the Binance stablecoin issuer Paxos as a security on February 13. The move prompted Paxos to announce that it would no longer be minting BUSD, leading to a significant outflow of funds. As a result, BUSD’s market capitalization has slumped from just over $16 billion to around $10 billion, with its market share declining to 7.3% from around 20% last year. This could have a