Binance Announces Burn of BUSD Tokens on Multiple Chains
Binance has recently been cutting ties with its stablecoin BUSD, and it has now announced a burn of idle Binance-pegged BUSD tokens on numerous chains. Alongย with delisting BUSD trading pairs, the exchange will likewise burn TUSD pairs. The tokens to be burned and their collateral on native chains are as follows: TUSDOLD (BSC), BUSD (MATIC), BUSD (BSC), BUSD (BNB), and BUSD (TRX).
What Are Binance-Pegged Tokens?
Binance issues Binance-pegged tokens toย support the usage of other blockchain tokens in the BNB chain. These tokens are announced after storing 100% collateral of the original token. Forย instance, for every 100 B-USDC, there must be 100 USDC as collateral.
The Community Reacts
The community has shown appreciation for Binanceโs transparency in announcing the burn of BUSD tokens. This development comesย after Paxos, the issuer of BUSD, stopped minting the stablecoin. Earlier inย theย year, Binance likewise delisted eight BUSD trading pairs.
Update on Fiat Liquidity Provider Program
In a separate update, Binance has revised its fiat liquidity provider program toย makeย available rebates based on performance from the previous week. Currently, BNB is currentlyย worth $212.70 with a minimal decrease of 0.04% in the past 24 hours.
Hot Take: Binance Continues to Cut Ties with BUSD Stablecoin
Binanceโs decision to burn idle Binance-pegged BUSD tokens and delist TUSD pairs is part of its ongoing efforts to distance itself from the BUSD stablecoin. This move comesย after the notice of Paxos, the issuer of BUSD, ceasing to mint the stablecoin. Binanceโs commitment to transparency has been appreciated by the community. The exchange has likewise made updates to its fiat liquidity provider program. Regardlessย of these changes, BNBโs price remains relatively stable.
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