Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB, and Other Tokens
Binance tapped into its Industry Recovery Initiative funds to cover the move. Original Source
Read MoreBinance tapped into its Industry Recovery Initiative funds to cover the move. Original Source
Read MoreCrypto borrowing and lending platform Aave is moving closer to offboarding Binance's troubled stablecoin BUSD. Source
Read MoreBinance has turned to a new set of stablecoins in the wake of the United States Securities and Exchange Commission’s (SEC) regulatory action against its native stablecoin, Binance USD (BUSD). The SEC had sent a Wells notice, alleging BUSD violates U.S. securities law.Following the SEC’s notice, the New York Department
Read MoreCoinbase CEO Brian Armstrong said the exchange decided to suspend trading of Binance USD (BUSD) because the company had concerns about its liquidity. Source
Read MoreCryptocurrency exchange Coinbase announced it will suspend trading and delist the Paxos-managed stablecoin asset BUSD. The decision follows Paxos’ revelation that the New York State Department of Financial Services directed the firm to stop issuing the U.S. dollar-pegged token BUSD. Coinbase to Suspend BUSD Stablecoin on March 13 On Feb. 27, 2023,
Read MoreCoinbase will suspend trading for Binance USD (BUSD) stablecoin on March 13, the exchange announced Feb. 27 on Twitter. The message mentioned “listing standards” as it announced its decision. The decision will apply to Coinbase.com (simple and advanced), Coinbase Pro, Coinbase Exchange, and Coinbase Prime, according to the tweet thread. The
Read MoreBinance branded stablecoin, Binance USD (BUSD), is a dollar-backed stablecoin issued by blockchain infrastructure platform Paxos Trust Company, and is the third largest stablecoin after Tether’s (USDT) and Circle’s USD Coin (USDC).Paxos has claimed in the past that BUSD is fully backed by reserves held in either fiat cash or
Read MoreAfter Paxos announced that it would no longer mint the stablecoin BUSD, 4.98 billion BUSD stablecoins have been removed from circulation to date. The Paxos-managed stablecoin has also fallen out of the top ten crypto assets by market capitalization, slipping below dogecoin’s valuation with a market cap of around $11.12
Read MoreBinance USD (BUSD), the third-largest stablecoin by market cap, spiked to a low of $0.20 against the DAI stablecoin as liquidity dried up on Binance. Source
Read MoreSix days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Currently, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7% of the crypto economy’s $67.71 billion
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