No 100x, 50x! 💫 😀 👛 Latest top 5 greatest stable coins for your #trading bags! 🐳 $BTC $ETH $BNB 1️⃣ Tether (USDT) is the oldest and most popular stablecoin since 2014. It is pegged to the US dollar and is backed by a variety of assets, including fiat currency, government bonds, and other cryptocurrencies. 2️⃣ USD Coin (USDC) is another popular stablecoin. It is also pegged to the US dollar and is backed by fiat currency held in US bank accounts. It was launched in 2018 by Circle and Coinbase. 3️⃣ TrueUSD (TUSD) is a stablecoin that is pegged to the US dollar and is backed by US dollars held in trust accounts. It was launched in 2018 by TrustToken and widely use after the BUSD deprecation. 4️⃣ Pax Dollar (USDP) is a stablecoin that is pegged to the US dollar and is backed by US dollars held in trust accounts. It is issued by Paxos, a New York-based financial services company that is regulated by the New York State Department of Financial Services (NYDFS). 5️⃣ Dai (DAI) is unique and one of the OG decentralized stablecoin that is pegged to the US dollar and is backed by a collateral of other cryptocurrencies such as ETH and BTC. Dai is created and managed by MakerDAO. Why people use stable coin? 🌊 Avoid volatility: Stablecoins are designed to maintain a stable value relative to a fiat currency, such as the US dollar. 💸 Payments: Stablecoins can be used to make payments to family and friends in other countries quickly and cheaply. This is a convenient way to send and receive money without having to go through a traditional financial institution. 💴 Investing: Stablecoins can be used to invest in other cryptocurrencies or in decentralized financial (DeFi) applications. This is a way to earn interest or participate in other financial activities without having to use a traditional financial institution. It is important to note that stablecoins are not risk-free. There have been cases of stablecoins losing their peg to the US dollar, or even collapsing altogether. #crypto2023 #cryptocurrency #crypto

A Brief Explanation on Stable coins: Tether (USDT) USD Coin (USDC) Binance USD (BUSD) True USD (TUSD) Origin Dollar (OUSD) Binance USD (BUSD) 1.Tether_to (USDT) the most well-known stablecoin in the crypto world. It’s backed by gold, traditional currency and cash equivalents. USDT: security and smooth integration with crypto to fiat platforms. It is largest but the most risky due to its suspicious past.The New York Attorney general caught it for lying on USD reserves matching 1:1 to the amount of USDT. It was forced to reveal its true reserves later. 2-USD Coin (USDC) USD Coin is a stablecoin backed by coinbase , the world’s biggest bitcoin broker and largest exchange holder of bitcoin. $COIN is its native coin. 3- Binance USD (BUSD) binance released a Binance USD,pegged 1:1 to the U.S. dollar. BUSD is on the Binance Smart Chain (BSC) network, an alternative to Ethereum. BUSD is commonly used in the decentralized finance scene on BSC and to trade between BSC cryptos. $BNB native to binance 4- True USD (TUSD) a stablecoin running on Ethereum The coin offers lower transaction fees than wire transfers of fiat currency and higher interest rates on stored balances. TrustToken , also has stablecoins pegged to other major currencies ;TrueAUD, TrueGBP and TrueHKD. 5-Origin Dollar (OUSD) it's backed by the top stablecoins currently on the market––USDC, DAI, and USDT its DAO governs which protocols (Aave, Curve, Convex, and Compound) funds are deployed to on a regular basis.its available to investors on gate_io n kucoincom. 6- Paxos Standard (PAX) PaxosGlobal aims to keep 1:1 parity with the U.S. dollar. It was created as an answer to the Tether printing controversy, which saw Tether come under fire for an unverified claim that it held $1.8 billion vd Deltec Bank & Trust Ltd to back its stablecoin $BTC $ETH #crypto2023 #Binance #BNB #bitcoin

#Binance the world's biggest digital money trade, declared its arrangement to end support for BUSD, its stablecoin fixed to the US dollar, in a proclamation distributed on August 31, 2023. This choice is because of the rising administrative tensions it faces. Binance in a few nations, which question the legitimateness and security of its tasks. BUSD What is BUSD? BUSD (Binance USD) is a cryptographic money that was sent off in September 2019 as a feature of an organization among Binance and Paxos, a New York-based blockchain and finance company2. BUSD has a 1:1 swapping scale with the US dollar, meaning each BUSD is identical to one dollar. This permits clients to execute with a stablecoin and stay away from the instability of other digital forms of money. BUSD is supported by stores of US dollars💲 that are put away in isolated accounts and reviewed month to month by an autonomous firm. Furthermore, BUSD is controlled by the New York State Branch of Monetary Administrations (NYDFS), which awards it a permit to work as a virtual money. This provides BUSD with a more elevated level of trust and security than other stablecoins. BUSD can be bought with other digital currencies or government issued currency on various trade stages, like Binance, Coinbase, Crypto.com, and so on. It can likewise be utilized to pay exchange expenses, trade for different tokens, acquire interest, take part in remuneration projects, and access different administrations on the Binance organization. For what reason did Binance quit🚫 supporting BUSD? Binance declared its arrangement to quit supporting BUSD in a proclamation distributed on August 31, 2023. As per the assertion, Binance will make the accompanying moves: •         From September 30, 2023, clients can not store or pull out BUSD from their Binance accounts. •         From October 31, 2023, clients can not trade BUSD on the Binance trade. •         From November 30, 2023, clients can not send or get BUSD from their Binance addresses. Binance encouraged clients to change their BUSD over completely to different monetary standards or pull out them to different stages before the cutoff times. Furthermore, Binance showed that it will bit by bit kill BUSD as a couple for trades with other digital currencies in its Spot and Edge wallets. It will likewise quit offering BUSD on Binance Pay and 🎁gift vouchers. The explanation for this choice is the rising administrative strain that Binance faces in a few nations, which question the legitimateness and security of its tasks. A few nations have prohibited or confined admittance to Binance in light of the fact that it doesn't conform to monetary and hostile to tax evasion guidelines. Different nations have cautioned clients about the dangers related with utilizing Binance because of its absence of authorizing or oversight. By stopping support for BUSD, Binance looks to decrease its administrative openness and keep away from possible assents or claims. It likewise tries to safeguard its clients and accomplices against potential bothers or misfortunes. Be that as it may, this choice likewise suggests a deficiency of market and seriousness for Binance, since BUSD is a well known stablecoin and popular by clients. What options are there to BUSD? Clients who need to keep utilizing a stablecoin fixed to the US dollar have a few choices accessible available. Some of them are: •         USDT (Tie): It is the most seasoned and most utilized stablecoin on the planet, with a market capitalization of more than $68 billion. USDT has a 1:1 conversion scale with the US dollar and is upheld by resource holds including cash, cash counterparts and different resources. USDT is accessible on different blockchain networks, like Ethereum, Tron, Solana, and so on. USDT can be purchased, sold and exchanged on most digital currency stages, including Binance. usdt •         USDC (USD Coin): is a stablecoin sent off in 2018 by the Middle consortium, shaped by Coinbase and Circle. USDC has a 1:1 conversion scale with the US dollar and is upheld by stores of US dollars that are put away in directed financial balances evaluated month to month by a free firm. USDC is accessible on different blockchain networks, like Ethereum, Algorand, Heavenly, and so on. USDC can be purchased, sold, and exchanged on numerous digital money stages, including Binance. usdc Conclusion Binance is the biggest digital money trade on the planet, offering a wide assortment of administrations and items to its clients. Among them is BUSD, its US dollar-fixed stablecoin, which it sent off in 2019 in association with Paxos. BUSD is a steady and controlled cash that permits exchanges with a steady money and stay away from the instability of other digital currencies. Nonetheless, Binance reported its arrangement to quit supporting BUSD in an explanation distributed on August 31, 2023. This choice is because of the rising administrative tensions that Binance faces in a few nations, which question the legitimateness and security of its tasks. By stopping support for BUSD, Binance looks to decrease its administrative openness and stay away from possible authorizations or claims. It additionally looks to safeguard its clients and accomplices against potential bothers or misfortunes. Clients who need to keep utilizing a stablecoin fixed to the US dollar have a few choices accessible available. Some of them are USDT (Tie), USDC (USD Coin) which offer various elements and benefits. These stablecoins can be purchased, sold, and exchanged on most digital currency stages, including Binance. ________________________________________ I trust this article has been valuable and fascinating to you. Assuming that you have any inquiries or ideas about Binance, BUSD or my administration, if it's not too much trouble, go ahead and reach me. I'm here to help you. 😊

CZ Changpeng is the founder and CEO of Binance, the largest cryptocurrency exchange in the world, which offers a wide variety of services and products to its users. Among them is BUSD, its US dollar-pegged stablecoin, which it launched in 2019 in partnership with Paxos, a New York-based blockchain and finance company1. BUSD is a stable and regulated currency that allows transactions with a stable currency and avoid the volatility of other cryptocurrencies. However, BUSD has also faced several challenges and risks, both regulatory and market, that have tested CZ Changpeng's vision and strategy. What advantages does BUSD have? According to CZ Changpeng, BUSD has several advantages that make it an attractive option for cryptocurrency users. Some of them are: Stability: BUSD has a 1:1 exchange rate with the US dollar, meaning each BUSD is equivalent to one dollar. This allows users to transact with a stablecoin and avoid the volatility of other cryptocurrencies. Backup: BUSD is backed by US dollar reserves that are stored in segregated accounts and audited monthly by an independent firm1. This gives BUSD a higher level of trust and security than other stablecoins. Regulation: BUSD is regulated by the New York State Department of Financial Services (NYDFS), which grants it a license to operate as a virtual currency1. This gives BUSD a legal and regulatory framework that protects it from possible sanctions or bans. Compatibility: BUSD is available on various blockchain networks, such as Ethereum, Binance Smart Chain, Tron, etc. This allows users to access different services and decentralized applications (DApps) that use BUSD as a means of payment or exchange. Liquidity: BUSD can be purchased with other cryptocurrencies or fiat money on different exchange platforms, such as Binance, Coinbase, Crypto.com, Gemini, etc2. It can also be used to pay transaction fees, exchange for other tokens, earn interest, participate in reward programs, and access other services on the Binance3 network. What challenges and risks has BUSD faced? Despite its advantages, BUSD has also faced several challenges and risks that have tested CZ Changpeng's vision and strategy. Some of them are: Regulatory pressure: Binance has been the subject of several investigations and regulatory actions by different countries, which question the legality and security of its operations. Some countries have banned or restricted access to Binance on the grounds that it does not comply with financial and anti-money laundering regulations. Other countries have warned users about the risks associated with using Binance due to its lack of licensing or oversight4. Competition: Binance faces increasing competition from other cryptocurrency platforms that also offer stablecoins pegged to the US dollar. Some of them are USDT (Tether), USDC (USD Coin) and DAI (Dai Stablecoin), which have different features and advantages. These stablecoins can be bought, sold, and traded on most cryptocurrency platforms, including Binance. Innovation: Binance has to keep up with technological innovations and market demands to maintain its leadership and relevance in the cryptocurrency sector. One of the areas where Binance is working is on algorithmic stablecoins, which are stablecoins that do not depend on asset reserves, but rather on algorithms that adjust supply and demand to maintain stability. What strategy has CZ Changpeng followed regarding BUSD? Given the challenges and risks that BUSD has faced, CZ Changpeng has followed a strategy based on diversification and collaboration. Some of the measures it has taken are: Diversify partnerships: CZ Changpeng has acknowledged that relying on a single partner to issue and support BUSD can be risky, especially if the partner faces regulatory or financial issues. For this reason, it has sought to diversify partnerships with other blockchain and finance companies that can offer similar or complementary services to those of Paxos. Diversify stablecoins: CZ Changpeng has admitted that betting on a single stablecoin can be risky, especially if the stablecoin faces liquidity, security or trust issues. For this reason, it has sought to diversify the stablecoins it offers on its platform, both those linked to the US dollar and those linked to other currencies or assets. It has also sought to introduce smaller, local algorithmic stablecoins that can meet the needs of different markets. Collaborate with regulators: CZ Changpeng has expressed its willingness to collaborate with regulators in different countries to comply with the standards and requirements imposed on it. It has also expressed interest in obtaining licenses and authorizations to operate legally in different jurisdictions. Likewise, it has sought to educate and sensitize regulators about the benefits and opportunities offered by cryptocurrencies. Conclusion CZ Changpeng is the founder and CEO of Binance, the largest cryptocurrency exchange in the world, which offers a wide variety of services and products to its users. Among them is BUSD, its US dollar-pegged stablecoin, which it launched in 2019 in partnership with Paxos. BUSD is a stable and regulated currency that allows transactions with a stable currency and avoid the volatility of other cryptocurrencies. However, BUSD has also faced several challenges and risks, both regulatory and market, that have tested CZ Changpeng's vision and strategy. Faced with these challenges and risks, CZ Changpeng has followed a strategy based on diversification and collaboration. It has sought to diversify partnerships with other blockchain and finance companies, diversify the stablecoins it offers on its platform, and introduce smaller, more local algorithmic stablecoins. It has also sought to collaborate with regulators from different countries to comply with the standards and requirements demanded of it. If you want to know more about Binance, BUSD or CZ Changpeng, you can visit their official website, their CoinMarketCap page, their blog or their Twitter profile. I hope this article has been useful and interesting to you. If you have any questions or suggestions about Binance, BUSD or my service, please feel free to contact me. I am here to help you. 😊 More information: 1. es.cointelegraph.com2. blockchainjournal.news3. trustworthyforexbrokers.com4. bbc.com5. es.cointelegraph.com6. blockchainjournal.news7. trustworthyforexbrokers.com8. bbc.com I like I don't like Copy Share What other cryptocurrencies does Binance offer? How will this affect BUSD users? Why are stablecoins important in the world of cryptocurrencies?

Binance, the world's largest cryptocurrency exchange, announced its plan to end support for BUSD, its stablecoin pegged to the US dollar, in a statement published on August 31, 2023. This decision is due to the increasing regulatory pressures it faces. Binance in several countries, which question the legality and security of its operations. What is BUSD? BUSD (Binance USD) is a cryptocurrency that was launched in September 2019 as part of a partnership between Binance and Paxos, a New York-based blockchain and finance company2. BUSD has a 1:1 exchange rate with the US dollar, meaning each BUSD is equivalent to one dollar. This allows users to transact with a stablecoin and avoid the volatility of other cryptocurrencies. BUSD is backed by reserves of US dollars that are stored in segregated accounts and audited monthly by an independent firm. Additionally, BUSD is regulated by the New York State Department of Financial Services (NYDFS), which grants it a license to operate as a virtual currency. This gives BUSD a higher level of trust and security than other stablecoins. BUSD can be purchased with other cryptocurrencies or fiat money on different exchange platforms, such as Binance, Coinbase, Crypto.com, Gemini, etc. It can also be used to pay transaction fees, exchange for other tokens, earn interest, participate in reward programs, and access other services on the Binance network. Why did Binance stop supporting BUSD? Binance announced its plan to stop supporting BUSD in a statement published on August 31, 2023. According to the statement, Binance will take the following actions: Starting September 30, 2023, users will not be able to deposit or withdraw BUSD from their Binance accounts. Starting October 31, 2023, users will not be able to buy or sell BUSD on the Binance exchange. Starting November 30, 2023, users will not be able to send or receive BUSD from their Binance addresses. Binance urged users to convert their BUSD to other currencies or withdraw them to other platforms before the deadlines. Additionally, Binance indicated that it will gradually eliminate BUSD as a pair for exchanges with other cryptocurrencies in its Spot and Margin wallets. It will also stop offering BUSD on Binance Pay and gift cards. The reason behind this decision is the increasing regulatory pressure that Binance faces in several countries, which question the legality and security of its operations. Some countries have banned or restricted access to Binance on the grounds that it does not comply with financial and anti-money laundering regulations. Other countries have warned users about the risks associated with using Binance due to its lack of licensing or oversight. By ceasing support for BUSD, Binance seeks to reduce its regulatory exposure and avoid potential sanctions or lawsuits. It also seeks to protect its users and partners against possible inconveniences or losses. However, this decision also implies a loss of market and competitiveness for Binance, since BUSD is a popular stablecoin and in demand by users. What alternatives are there to BUSD? Users who want to continue using a stablecoin pegged to the US dollar have several options available on the market. Some of them are: USDT (Tether): It is the oldest and most used stablecoin in the world, with a market capitalization of more than $68 billion. USDT has a 1:1 exchange rate with the US dollar and is backed by asset reserves including cash, cash equivalents and other assets. USDT is available on various blockchain networks, such as Ethereum, Tron, Solana, etc. USDT can be bought, sold and traded on most cryptocurrency platforms, including Binance. USDC (USD Coin): is a stablecoin launched in 2018 by the Center consortium, formed by Coinbase and Circle. USDC has a 1:1 exchange rate with the US dollar and is backed by reserves of US dollars that are stored in regulated bank accounts audited monthly by an independent firm. USDC is available on various blockchain networks, such as Ethereum, Algorand, Stellar, etc. USDC can be bought, sold, and traded on many cryptocurrency platforms, including Binance. DAI (Dai Stablecoin): is a stablecoin launched in 2017 by MakerDAO, a decentralized autonomous organization (DAO) that operates on the Ethereum network. DAI has a 1:1 exchange rate with the US dollar and is backed by collateral from other cryptocurrencies that are deposited in smart contracts called Vaults. DAI dynamically adjusts to market conditions to maintain its stability through incentive and governance mechanisms. DAI can be bought, sold and traded on various cryptocurrency platforms, including Binance. Conclusion Binance is the largest cryptocurrency exchange in the world, offering a wide variety of services and products to its users. Among them is BUSD, its US dollar-pegged stablecoin, which it launched in 2019 in partnership with Paxos. BUSD is a stable and regulated currency that allows transactions with a stable currency and avoid the volatility of other cryptocurrencies. However, Binance announced its plan to stop supporting BUSD in a statement published on August 31, 2023. This decision is due to the increasing regulatory pressures that Binance faces in several countries, which question the legality and security of its operations. By ceasing support for BUSD, Binance seeks to reduce its regulatory exposure and avoid potential sanctions or lawsuits. It also seeks to protect its users and partners against possible inconveniences or losses. Users who want to continue using a stablecoin pegged to the US dollar have several options available on the market. Some of them are USDT (Tether), USDC (USD Coin) and DAI (Dai Stablecoin), which offer different features and advantages. These stablecoins can be bought, sold, and traded on most cryptocurrency platforms, including Binance. If you want to know more about Binance, BUSD or stablecoins, you can visit their [official websites], their [CoinMarketCap pages], their [blogs] or their [buying guides]. I hope this article has been useful and interesting to you. If you have any questions or suggestions about Binance, BUSD or my service, please feel free to contact me. I am here to help you. 😊 Don't forget to give: ❤️I like it 🔠Comment 🔗Share What other cryptocurrencies does Binance offer? How will this affect BUSD users? Why are stablecoins important in the world of cryptocurrencies? #Binance #BNB #stablecoin $BUSD

Binance crypto exchange requested all the customers to swap their BUSD holdings to other stablecoin or crypto assets as per requirement. Binance is a top-ranked crypto exchange. The digital assets trading services of this exchange are available globally. This exchange holds the highest number of crypto licences over any other crypto exchange. This crypto trade platform is mainly known for its secured crypto services.  On 31 Aug 2023, Binance published a blog post to inform Binance users that Binance is going to wind down its support for the BUSD stablecoin step by step.  Announced that Paxos Trust stopped the minting of stablecoin, so Binance will also gradually wind down support for BUSD & also confirmed that each BUSD is & was always pegged to value of $1.  Before the end of Feb 2024, Binance will completely shut down its BUSD-related services. Binance will gradually cease support for BUSD products. Users are encouraged to convert their BUSD assets into other available assets on Binance prior to February 2024. Users may trade their BUSD balances for FDUSD at zero trading fees, or convert their BUSD balances to FDUSD at… — Wu Blockchain (@WuBlockchain) August 31, 2023 As per the announcement, users can swap their BUSD stablecoin holdings directly to other stablecoins on the platform without any trade fees.  Exchange also confirmed that its customers are open to deposit BUSD on the Exchange and deposit support will remain available via every other network. Paxos Trust, BUSD, & Binance Paxos Trust Company is a New York-based financial institution and technology company specializing in blockchain. In the crypto sector, this crypto firm is known for its Paxos stablecoin (USDP). This company was also running BUSD operations under a promotional partnership with Binance. In short, full BUSD supply & financial management was under the control of Paxos and Binance was promoting the Binance exchange’s name.  In early of this year, a few US regulatory bodies sent a notice to Paxos Trust and ordered it to shut down the BUSD stablecoin. After that Paxos terminated the BUSD stablecoin business. Read also: Crypto lender Nexo partners with MasterCard

After a Binance exchange announcement in August, the First Digital Dollar (FDUSD) stablecoin's market cap experienced a notable increase. On June 1, 2023, the dollar-pegged stablecoin FDUSD made its debut on the Ethereum network and the BNB Smart Chain. On the #cryptocurrency exchange, the token was formally added to a limited number of trading pairs in July. Binance's Instructions Encourage FDUSD Adoption On August 31, #Binance verified rumours that it intended to stop providing support for the Binance USD (BUSD) stablecoin in response to the governmental ban on the production of the currency. The BUSD issuing business Paxos Trust was instructed by The New York Department of Financial Services (NYDFS) to stop minting the stablecoin back in March. Since then, the market supply of BUSD has fallen precipitously, falling by more than 80% in the previous eight months. The exchange will start the progressive termination of all BUSD goods on its platform, according to an official article, and it is advising its 150 million users to trade their BUSD tokens for other assets by February 2024. The cryptocurrency exchange specifically urged consumers to switch from BUSD to FDUSD by offering incentives including no trading fees and a 1:1 direct swap ratio. FDUSD's market cap value has increased by 21.49% since August 31 from $324.75 million to its current value of $394.68 million, according to statistics from CoinMarketCap. This shows that Binance's marketing of FDUSD as a BUSD substitute is working, as seen by a sharp increase in the adoption of the former over the past few days. For perspective, the market cap measure depicts a cryptocurrency's entire worth based on its market price and the quantity of active tokens. Given that FDUSD has a fixed value of $1, according to CoinMarketCap's statistics, more than 70 million FDUSD tokens have been placed into circulation in the last week. In addition, the DeFi analytics tool, DeFiLlama, reports that FDUSD is currently the ninth-largest stablecoin in the cryptocurrency industry, surpassing other well-known assets like Gemini USD (GUSD). Binance Introduces Additional Trading Pairs for the FDUSD In other developments, Binance continued to promote stablecoins on September 6 by announcing three new FDUSD trading pairings. The trading for these three trading pairs, DOGE/FDUSD, SOL/FDUSD, and XRP/FDUSD, will start on September 7 at precisely 08:00 UTC. This action was taken a week after Binance advised customers to exchange their BUSD tokens for other assets and indicated that it will "gradually" stop supporting the BUSD currency. With the delisting of eight BUSD isolated and cross-margin pairings, the exchange has started to discontinue. After these statements, the market value of the BUSD token has reached an all-time low of $2.73 billion, continuing the decline in the price of the currency. Additional information from DeFiLlama reveals that over the past one and seven days, the BUSD market cap has decreased by 4.16% and 12.23%, respectively.

Web3 and the Financial Sector: Must-Knows for Business Leaders Source: Adobe / Looker_Studio Blockchain tech company Paxos published a blog post on Tuesday illustrating how Web3 can empower enterprises in the financial sector, and kickstart a “new era” of digital sovereignty. “Web3” is a loose term for capturing the oncoming third generation of the internet, which combines the decentralization of the early internet with the utility and functionality of the modern age. Blockchain is at the center of this transformation, creating a decentralized foundation for storing and exchanging both information and money. By outsourcing such “essential infrastructure components” beyond a single entity, Paxos believes blockchain can help restore the rapidly “waning trust” in traditional institutions. Security would also receive a boost, as decentralized business models would help defend against surging cybercrime and data misuse, again fostering digital trust. Moreover, Web3 empowers consumers to take control of their personal data, rather than seeing it harvested and sold by centralized platforms. Consumers could therefore monetize their data individually, and create “more equitable digital ecosystem.” Paxos wrote: “All of these benefits also happen to be the pillars of a sound financial system. These benefits will continue to become important as other industries utilize the technology to meet the demands of today’s—and tomorrow’s—consumers.” The Crypto Component Naturally, blockchain is widely known for its relationship with cryptocurrency, which can also play a critical role for enterprises in the Web3 era. Not only can crypto help with “streamlining peer-to-peer payments” can lowering transaction costs, but “tokenization” can help “redefine” how people transact and interact digitally. One of the most simple and popular uses for “tokenization” is stablecoins – crypto tokens value pegged to the US dollar or other national currencies. #bitcoin #btc #bnb #cryptocurrency

#Paxos previously announced it will discontinue support for Binance's stablecoin by February 2024, and now Binance has also confirmed it will end support by the same date. #Binance , a major cryptocurrency exchange, is urging its users to transfer their Binance USD (BUSD) stablecoin assets to a newly introduced stablecoin. This comes as the exchange plans to phase out support for  #BUSD . On August 31, Binance released an official statement, verifying rumors that it would progressively end support for BUSD by February 2024. This decision aligns with Paxos' intention to cease the redemption of BUSD by the same date. This formal announcement from Binance comes after several of its users posted images online of a notification they received on the Binance mobile app about the upcoming discontinuation of BUSD support. In an official release, Binance has advised its users to either trade or switch their BUSD holdings to First Digital USD (FDUSD). This stablecoin, introduced by the Hong Kong-based trust firm First Digital Group in June, was initially listed on Binance at the end of July. Binance has further incentivized the transition from BUSD to FDUSD by offering fee-free trades and conversions between the two stablecoins. On August 30, the exchange removed eight trading pairs involving BUSD. Historically, Binance has promoted the use of the stablecoin by offering zero-fee trading pairs. For instance, they had no trading fees for FDUSD pairs with major cryptocurrencies like Bitcoin (BTC), which is currently priced at $27,241, and Ether. Binance's move to discontinue BUSD support seems to be a response to regulatory pressures. On February 13, the U.S. Securities and Exchange Commission (SEC) suggested in a Wells notice to Paxos that BUSD might be considered an unregistered security. Concurrently, the New York Department of Financial Services directed Paxos to cease the issuance of BUSD. This double whammy of regulatory scrutiny likely influenced Binance's decision regarding its support for the stablecoin. #SpaceCatch Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Binance, one of the world's largest cryptocurrency exchanges, announced on March 17 that it has replaced the Binance USD (BUSD) holdings in its Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos' recent move to stop minting new BUSD, which has led to the asset's market capitalization falling. SAFU is an emergency insurance fund established by Binance in July 2018 to protect users' funds in case of security breaches or other unforeseen events. Binance committed a percentage of trading fees to grow the fund, which was valued at $1 billion as of Jan. 29, 2022. SAFU's wallets initially consisted of BNB (BNB), Bitcoin (BTC), and Binance USD, which has now been replaced by TUSD and USDT. Binance assured users that the change would not impact them, their funds would continue to be held in publicly verifiable addresses, and BUSD would continue to be supported. The exchange added that it would closely monitor the fund to ensure that it remains sufficiently capitalized and top it up periodically as necessary using its own funds. On Feb. 13, BUSD issuer Paxos Trust Company announced it would stop issuing new BUSD effective Feb. 21 in accordance with the directions of and in coordination with the New York Department of Financial Services. Days after reports emerged that United States regulators were scrutinizing Paxos and BUSD, Binance minted nearly $50 million worth of TUSD. The transaction took place on Feb. 16, according to data from Etherscan, and came two days after Binance CEO Chanpeng Zhao mentioned in a Feb. 14 Twitter Space that Binance would look to "diversify" its stablecoin holdings away from BUSD. With the U.S. Securities and Exchange Commission also taking action against BUSD, some crypto community members have questioned whether stablecoins are the real issue at hand or if it's actually about Binance, as the SEC didn't take action against Paxos' gold-backed stablecoin, Pax Gold (PAXG). Stablecoins, such as BUSD, TUSD, and USDT, are digital currencies designed to maintain a stable value relative to a reference asset, such as the US dollar. They have become increasingly popular in recent years as a means of facilitating transactions on cryptocurrency exchanges without having to convert to fiat currency, which can be costly and time-consuming. However, stablecoins have also come under scrutiny from regulators due to concerns about their lack of transparency and potential for use in illicit activities. The recent actions by the SEC and the New York Department of Financial Services against BUSD and Paxos are part of a wider crackdown on stablecoins and cryptocurrency more broadly. In response, cryptocurrency exchanges and other market participants are looking to diversify their stablecoin holdings to reduce their exposure to any one particular asset. This appears to be the motivation behind Binance's decision to replace BUSD with TUSD and USDT in its SAFU fund. #cryptocurrency #crypto2023 $BUSD $TUSD