$BUSD May Not Be Used as the Main Pair for Trading, Says CZ

Binance CEO CZ tweeted that Binance was informed by Paxos they have been directed to cease minting new $BUSD by the New York Department of Financial Services (NYDFS). $BUSD is a stablecoin wholly owned and managed by Paxos. As a result, $BUSD market cap will only decrease over time. Paxos will continue to service the product, and manage redemptions. Paxos assured Binance that the funds were safe and fully covered by reserves in their banks.

Binance will continue to support $BUSD for the foreseeable future, and will make product adjustments accordingly. eg, move away from using $BUSD as the main pair for trading, etc.

Source

Binance

Stablecoins

Policy and Regulation

In This Article

Related News
Wall Street back-office giant DTCC mulls stablecoin integration: report Wall Street back-office giant DTCC mulls stablecoin integration: report
Crypto industry cheers progress in 'historic' stablecoin legislation as Senate advances GENIUS Act Crypto industry cheers progress in 'historic' stablecoin legislation as Senate advances GENIUS Act
Circle secures in-principle approval to operate as money services provider in Abu Dhabi Circle secures in-principle approval to operate as money services provider in Abu Dhabi
Mastercard moves to integrate stablecoins into global payments network Mastercard moves to integrate stablecoins into global payments network
Citigroup predicts stablecoin supply could hit $3.7 trillion by 2030 Citigroup predicts stablecoin supply could hit $3.7 trillion by 2030
Latest News More More
10 Hours Ago Tether plans further Bitcoin mining expansion in South America with Adecoagro tie up
1 Day Ago North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms
1 Day Ago JPMorgan's blockchain unit tests new carbon credit tokenization application with S&P Global
4 Days Ago Ethereum community plans onchain ‘time capsule’ to mark 10th anniversary of network’s genesis block
June 25 Circle's post-IPO stock surge pushes market cap near Coinbase and USDC
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open