Bye Bye Birdie: Binance Begins Process Of Axing 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.