- Binance will no longer support BUSD, so the exchange asked investors to exchange all of their coins.
- Although the exchange said that BUSD will not lose its peg to the dollar, it stated that users will be able to exchange their cryptocurrencies until February 2024.
- As of November 2022, the stablecoin had a market capitalization of $23 billion. Today there are only 3 billion.
The Binance exchange urged users to change their holdings BUSD the company’s stablecoin, for any other cryptocurrency Before February 2024.
Last week, Binance officially announced this will stop supporting BUSD although this will be done “gradually”. Additionally, he commented that stablecoins will continue to be offered on the platform.
The beginning of the end for BUSD began in February of this year when the New York Department of Financial Services ordered Binance partner Paxos to stop issuing the stablecoin.
The case of BUSD
Following the announcement by the Ministry of Financial Services, the market capitalization of the stablecoin began to steadily decline. In November last year the value was 23 billion. Now, It’s only 3,000 million.
To have a dimension of numbers, the loss in value is 87% which is why it ranks fifth among the stablecoins with the highest market capitalization Connection (USDT), USD coin (USDC), DAI j Real USDT (TUSD).
Apparently accurate TUSD is the stablecoin supported by Binance because the exchange Commissions abolished for BTC/TUSD pair operations.
TUSD’s market cap increased from $800 million in November 2022 3.3 billion Till date.