Binance will no longer support its BUSD stablecoin by 2024.
, the exchange will close all outstanding BUSD loan and collateral positions by the end of the month. Users would still be able to borrow and lend on Binance using stablecoins such as Tether (related to its BUSD stablecoin by 2024. Previously, on February 13, New York fintech firm Paxos, the issuer of the BUSD stablecoin, said it woulddue to the latter's ongoing litigation with the U.S. Securities and Exchange Commission. Paxos said it would end redemptions from BUSD to underlying U.S.
Before the termination announcement, BUSD was one of the largest stablecoins, reaching a peak market capitalization of $23 billion in November 2022. It has since fallen to $2.23 billion at the time of publication.BUSD withdrawals via BNB Chain, Avalanche, Polygon, Tron and Optimism but left them open on the Ethereum network. BUSD deposits, on the other hand, remain open across all blockchains, with the exchange urging users to convert their BUSD balances into fiat or other crypto by next year.
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