Binance has announced a new step in the process of gradually ceasing services to support BUSD, whereby borrowing and lending (only BUSD, not USDT, DAI or USDC) will be stopped by October 25th.
The main causes are attributable to Paxos' forced choice to sever all ties with Binance. In turn, Paxos' choice stems from the SEC's lawsuit against the exchange, in which BUSD was listed as a security.
Paxos has finally stopped minting BUSD while collateral capital repayments will be resolved by February 2024.
The damage is there for all to see, BUSD, which has always been in the Olympus of stablecoins with a capitalization of 23 billion dollars, today only has 2.5 billion, so much so that exchanges are advising to convert BUSD into other stablecoins.
However, the stablecoin will not disappear, at least not for now. After October 25th, it will still be possible to hold and exchange BUSD with other cryptocurrencies, or use them as credit to make payments with the Binance Card.
If you liked the article, subscribe and leave a like to not miss the next updates
Here below some links if you'd like to support me:
Nexo (stake and earn your crypto at the highest rates)
https://nexo.com/ref/j6atsfddtw?src=android-link
Freecash (earn 20/100$ each month without cash investment)
Cointiply (earn 20/100$ each month without cash investment)
