Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin


15 Sep 2023 10:00 PM

Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin....

  • Binance crypto exchange is ending support for its BUSD stablecoin due to regulatory issues.
  • Binance announced that it will burn several Binance-pegged tokens, including BUSD tokens across different blockchains.
  • The equivalent amount of tokens used as collateral will be released on their native networks.
  • The BUSD stablecoin faced regulatory scrutiny from the SEC and NYDFS, leading to a decline in usage and market cap.
  • Binance plans to completely stop supporting BUSD by 2024, and Paxos will cease all BUSD redemptions in February 2024.

The article highlights the challenges faced by the BUSD stablecoin due to regulatory issues, but also mentions that it has maintained its dollar peg well.

Go to publisher site

You May Ask

Why is Binance ending support for BUSD?What tokens will be burned by Binance?How will the equivalent tokens be released on their native networks?What regulatory issues did the BUSD stablecoin face?When will Binance completely stop supporting BUSD?

Suggested Reads