Given its widespread adoption and reputation for stability, the seizing of BUSD issuance signals increased reliance on USDT. Each USDT token is theoretically backed by an equivalent amount of US dollars held in reserve by the company behind it, Tether Limited. USDT, or Tether, is one of the most popular and utilized stablecoins in the cryptocurrency ecosystem, ranking among the top 5 by market cap. To assist users in this transition, Binance has encouraged them to convert their BUSD holdings into other assets, including a newly listed stablecoin called First Digital USD (FDUSD).īinance’s decision to halt BUSD support appears to be connected to the U.S Securities and Exchange Commission’s Wells notice to Paxos on February 13, which stated that BUSD was an unregistered security, and the New York Department of Financial Services ordering Paxos to halt the issuance of BUSD. On August 31, the exchange officially confirmed its intention to gradually cease support for BUSD by February 2024, aligning with Paxos’ decision to end BUSD redemption by that time. However, on August 30, Binance delisted eight BUSD trading pairs. BUSD has gained significant popularity, ranking among the top 30 cryptocurrencies by market cap. It is a digital asset pegged to the value of the US dollar on a one-to-one basis to provide stability and liquidity within the cryptocurrency market. BUSD, or Binance USD, is a stablecoin launched by Binance in partnership with Paxos Trust Company.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |