{"id":551562,"date":"2023-09-15T22:00:07","date_gmt":"2023-09-15T22:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=551562"},"modified":"2024-06-11T08:02:32","modified_gmt":"2024-06-11T08:02:32","slug":"binance-busd-stablecoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-busd-stablecoin\/","title":{"rendered":"Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin"},"content":{"rendered":"<p class=\"p2\">Binance crypto exchange <a href=\"https:\/\/wncen.com\/binance\/binance-to-delist-eight-busd-trading-pairs-soon-end-full-busd-support-by-2024\/\">announced<\/a> in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin\u2019s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin.<\/p>\n<h2 class=\"p2\">Binance Starts Burning Tokens<\/h2>\n<p class=\"p2\">Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were BUSD tokens across different blockchains.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-price-prediction-10000\/\">Analyst\u2019s Ultra Bullish Prediction Puts XRP Price At $10,000, But When?<\/a><\/div>\n<p class=\"p2\">According to the announcement, the Binance-pegged tokens would be burned on the listed blockchains, and then the exchange would release the equivalent amount of tokens that were initially used as collateral on their native networks.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Later today, <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Binance<\/a> will burn a number of idle Binance-pegged tokens.<\/p>\n<p>The equivalent amount of tokens on their native networks, which were used as collateral, will then be released.<\/p>\n<p>Tokens:<br \/>\n\ud83d\udd38TUSDOLD (BSC)<br \/>\n\ud83d\udd38BUSD (MATIC)<br \/>\n\ud83d\udd38BUSD (BSC)<br \/>\n\ud83d\udd38BUSD (BNB)<br \/>\n\ud83d\udd38BUSD (TRX)<\/p>\n<p>\u2014 Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/83157227?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 14, 2023<\/a><\/p><\/blockquote>\n<p class=\"p2\">The BUSD tokens listed across four networks include BUSD on the Polygon (MATIC) network, BUSD on the Tron (TRX) network, BUSD on BSC, and BUSD (BNB). In addition to these, the exchange also revealed that the TUSDOLD on BSC would be burned as well, making it the only token on this list that is not BUSD.<\/p>\n<p class=\"p2\">The collateral in this case will be the equivalent of the Binance-pegged tokens that are <a href=\"https:\/\/bitcoinist.com\/binance-burns-hundreds-of-millions-worth-of-coins-crypto-market-reacts\/\" rel=\"nofollow\">burned<\/a>. So if 1,000 BUSD on the MATIC network is burned, then the equivalent on the native blockchain will be released by the exchange.<\/p>\n<h2 class=\"p2\">Fire In The BUSD Camp<\/h2>\n<p class=\"p2\">The BUSD stablecoin first came under fire in early 2023 when the United States Securities and Exchange Commission (SEC)<a href=\"https:\/\/bitcoinist.com\/paxos-faces-sec-lawsuit\/\" rel=\"nofollow\"> issued a Wells Notice<\/a> to issuer Paxos alleging that the stablecoin was an unregistered security. The regulator, through this, made its intention to pursue legal action known.<\/p>\n<p class=\"p2\">Following the move by the SEC, the New York State Department of Financial Services (NYDFS) asked the issuer to stop printing new tokens. The NYDFS\u2019s concern mainly bordered on Paxos\u2019 relationship with Binance, and eventually, the BUSD issuer decided to cut ties with the crypto exchange.<\/p>\n<p class=\"p2\">Since the initial move by regulators, the stablecoin has <a href=\"https:\/\/bitcoinist.com\/busd-active-address-plunges-by-60-following-regulatory-crackdown\/\" rel=\"nofollow\">suffered in terms of usage and market cap<\/a>. The stablecoin which was once a top 10 crypto by market cap has since seen its market cap decline to $2.5 billion, making it the 26-largest cryptocurrency as of the time of this writing.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/how-much-pulled-crypto\/\">New Reports Shows How Much Capital Was Pulled Out Of Crypto In August<\/a><\/div>\n<p class=\"p2\">Binance has also announced plans to stop offering support for the stablecoin completely by 2024. <a href=\"https:\/\/wncen.com\/binance\/binance-to-delist-eight-busd-trading-pairs-soon-end-full-busd-support-by-2024\/\">Paxos also revealed<\/a> that it will cease all BUSD redemptions in February 2024, and Binance\u2019s complete withdrawal is expected to come shortly after this.<\/p>\n<p class=\"p2\">Nevertheless, the stablecoin continues to maintain its dollar peg quite well. It is still trading at a 1:1 parity with the United States dollar and has rarely dipped below $1 amid the regulatory storm.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/8aIDJjNY\/\" alt=\"Binance BUSD market cap chart from Tradingview.com\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">Market cap suffers amid regulatory crackdown | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">Market Cap BUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Zipmex, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin\u2019s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin. Binance Starts Burning Tokens Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were BUSD tokens across different blockchains. Related Reading: Analyst\u2019s Ultra Bullish Prediction Puts XRP Price At $10,000, But When? According to the announcement, the Binance-pegged tokens would be burned on the listed blockchains, and then the exchange would release the equivalent amount of tokens that were initially used as collateral on their native networks. Later today, #Binance will burn a number of idle Binance-pegged tokens. The equivalent amount of tokens on their native networks, which were used as collateral, will then be released. Tokens: \ud83d\udd38TUSDOLD (BSC) \ud83d\udd38BUSD (MATIC) \ud83d\udd38BUSD (BSC) \ud83d\udd38BUSD (BNB) \ud83d\udd38BUSD (TRX) \u2014 Binance (@binance) September 14, 2023 The BUSD tokens listed across four networks include BUSD on the Polygon (MATIC) network, BUSD on the Tron (TRX) network, BUSD on BSC, and BUSD (BNB). In addition to these, the exchange also revealed that the TUSDOLD on BSC would be burned as well, making it the only token on this list that is not BUSD. The collateral in this case will be the equivalent of the Binance-pegged tokens that are burned. So if 1,000 BUSD on the MATIC network is burned, then the equivalent on the native blockchain will be released by the exchange. Fire In The BUSD Camp The BUSD stablecoin first came under fire in early 2023 when the United States Securities and Exchange Commission (SEC) issued a Wells Notice to issuer Paxos alleging that the stablecoin was an unregistered security. The regulator, through this, made its intention to pursue legal action known. Following the move by the SEC, the New York State Department of Financial Services (NYDFS) asked the issuer to stop printing new tokens. The NYDFS\u2019s concern mainly bordered on Paxos\u2019 relationship with Binance, and eventually, the BUSD issuer decided to cut ties with the crypto exchange. Since the initial move by regulators, the stablecoin has suffered in terms of usage and market cap. The stablecoin which was once a top 10 crypto by market cap has since seen its market cap decline to $2.5 billion, making it the 26-largest cryptocurrency as of the time of this writing. Related Reading: New Reports Shows How Much Capital Was Pulled Out Of Crypto In August Binance has also announced plans to stop offering support for the stablecoin completely by 2024. Paxos also revealed that it will cease all BUSD redemptions in February 2024, and Binance\u2019s complete withdrawal is expected to come shortly after this. Nevertheless, the stablecoin continues to maintain its dollar peg quite well. It is still trading at a 1:1 parity with the United States dollar and has rarely dipped below $1 amid the regulatory storm. Market cap suffers amid regulatory crackdown | Source: Market Cap BUSD on Tradingview.com Featured image from Zipmex, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":551572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,83605,84032,89402,14737,11164,89255],"class_list":["post-551562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-binance-news","tag-busd","tag-busd-news","tag-paxos","tag-stablecoin","tag-stablecoin-news"],"acf":[],"yoast_head":"\n<title>Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin<\/title>\n<meta name=\"description\" content=\"Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin.\" \/>\n<meta name=\"robots\" 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin","url":"http:\/\/wncen.com\/news\/binance-busd-stablecoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/binance-busd-stablecoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/BUSD-Binance.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/BUSD-Binance.jpeg?fit=1200%2C716"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","binance news","busd","busd news","paxos","stablecoin","stablecoin news"],"dateCreated":"2023-09-15T22:00:07Z","datePublished":"2023-09-15T22:00:07Z","dateModified":"2024-06-11T08:02:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-busd-stablecoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-busd-stablecoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/BUSD-Binance.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/BUSD-Binance.jpeg?fit=1200%2C716\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"binance news\",\"busd\",\"busd news\",\"paxos\",\"stablecoin\",\"stablecoin news\"],\"dateCreated\":\"2023-09-15T22:00:07Z\",\"datePublished\":\"2023-09-15T22:00:07Z\",\"dateModified\":\"2024-06-11T08:02:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/BUSD-Binance.jpeg?fit=1200%2C716","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/551562"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=551562"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/551562\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/551572"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=551562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=551562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=551562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}