Coinspeaker
Binance Phasing Out Support for BUSD Stablecoin by Q1 2024
Renowned crypto exchange Binance has officially announced its decision to discontinue support for its native stablecoin, Binance USD (BUSD), by February 2024.
Paxos’ Role in Binance’s Decision
The decision to phase out BUSD support is closely tied to developments involving Paxos, the company responsible for minting new BUSD tokens. Binance disclosed that Paxos has decided to halt the minting of new BUSD tokens, which has consequently influenced Binance’s decision to gradually cease support for BUSD-related products.
The New York Department of Financial Services (NYDFS) issued an order that resonated through the industry, commanding Paxos to halt the minting of new BUSD tokens. Upon receiving the news of the NYDFS order, Binance’s BUSD swiftly experienced a hiccup in its otherwise steadfast peg to the US dollar. The value of BUSD dipped beneath the coveted $1 mark, settling at $0.9998.
The NYDFS’s decision
We współpracy z: https://www.coinspeaker.com/binance-busd-stablecoin-q1-2024/
