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Binance has announced that it will phase out support for the BUSD stablecoin

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Binance, the world’s leading cryptocurrency exchange, has announced that it will phase out support for the BUSD stablecoin. This decision comes following Paxos’ halt in minting new BUSD tokens. With a set deadline of February 2024, Binance users are now encouraged to convert their BUSD assets into other available stablecoins or digital assets on the platform. A decision to end support for BUSD has been expected since stablecoin issuer Paxos was ordered to stop minting the coin in February. Binance CEO Changpeng Zhao said that “BUSD will slowly wind down over time,” although the timing of the phasing out was unclear. The decision to stop BUSD loans with a week’s notice suggests those timelines have been pushed forward. “As Paxos has halted minting of new BUSD, Binance will gradually cease support for BUSD products,” Binance said. “Please be assured that BUSD will always be backed 1:1 by USD.” BUSD’s 24-hour trading volume is just under $900 million, according to data by CoinMarketCap. According to the announcement, BUSD borrowings on Cross Margin will be suspended starting September 7, 2023, at 06:00 UTC, and from October 19, 2023, at 06:00 UTC, no new BUSD collateral will be accepted. Withdrawals of Binance-Peg BUSD via various networks will halt on September 7, 2023, at 00:00 UTC. However, BUSD (ERC-20) transactions via Ethereum will continue until further notice. Moreover, BUSD-margined perpetual contracts will be gradually delisted, with details to come. Users can switch their BUSD futures balances to other supported assets via the Futures Asset Conversion feature. Binance urges users to trade or switch their BUSD holdings for First Digital USD (FDUSD), a stablecoin introduced in June by Hong Kong’s First Digital Group. The stablecoin made its initial appearance on the Binance platform in late July. Binance announced eight BUSD trading pairs from its margin trading platform two months prior – including FARM/BUSD, LSK/BUSD, MBL/BUSD, PLA/BUSD, PUNDIX/BUSD, and SC/BUSD. This strategic decision comes amidst a flurry of regulatory scrutiny and recent concerns surrounding Binance’s native token, BNB. What is BUSD Stablecoin? BUSD (Binance USD) is a type of stablecoin, a cryptocurrency designed to maintain a stable value by pegging it to a real-world asset, usually a fiat currency like the US Dollar (USD). BUSD is issued by Binance, one of the largest cryptocurrency exchanges globally. It is a regulated and audited digital asset that operates on the Binance Chain and the Binance Smart Chain platforms. BUSD aims to provide traders and investors with a stable and secure medium of exchange within the cryptocurrency ecosystem. Its value is intended to remain relatively consistent with the US Dollar, reducing the price volatility commonly associated with other cryptocurrencies like Bitcoin or Ethereum.

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