Binance Confirms Demise of BUSD and Encourages Users to Convert to FDUSD

2023-9-1 18:15

Binance has announced it will stop support for BUSD and has asked users to convert their funds to other stablecoins.

While Binance is ceasing support for BUSD, it apparently seems to be moving support to the new stablecoin First Digital USD (FDUSD).

Binance Will Offer Conversion of BUSD to FDUSD at No Cost

According to an official announcement from Binance, the crypto exchange is encouraging users to convert their BUSD holdings to other stablecoins by February 2024. The decision was prompted by BUSD issuer Paxos ending its relationship with Binance after receiving a Wells Notice from the Securities and Exchange Commission (SEC) in February. A Wells Notice is used to inform a company or an individual of possible enforcement action.

Binance will gradually delist BUSD for its following products:

Spot and Margin Futures Binance Pay Binance Gift Cards  Loans and  Earn

The company says it will make separate delisting announcements for specific trading pairs. Indeed, on Wednesday, the exchange announced it was ending support for eight cross-margin and isolated-margin trading pairs.

Click here to learn more about the 7 best Binance alternatives for 2023.

Meanwhile, the crypto exchange has offered to convert users’ BUSD balance to FDUSD at 1:1.  Last month, Binance announced the listing of FDUSD, a stablecoin backed by Hong-based First Digital Trust Limited.

Since its launch, FDUSD has rapidly gained market capitalization from around $10 million in July to $352.6 million today. 

FDUSD market cap growth. Source: CoinMarketCap

Earlier this month, Tether’s CTO Paolo Ardoino questioned the legitimacy of the competitor stablecoin through a cryptic post on X (Twitter). 

Click here to find out which platforms pay the best interest rates on stablecoin deposits.

USDT is the largest stablecoin with a market domination of 66.14%. Whereas FDUSD has a dominance of 0.28%.

USDT dominance. Source: DefiLlama

Do you have something to say about Binance stopping support for BUSD or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Binance Confirms Demise of BUSD and Encourages Users to Convert to FDUSD appeared first on BeInCrypto.

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