First Digital USD

<p>Binance exchange has decided to wind down support for its widely recognized stablecoin, BUSD, next year, in collaboration with Paxos.</p> 
<h2 id="paxos-to-cease-support-for-busd">Paxos to cease support for BUSD</h2> 
<p>&nbsp;</p> 
<p>BUSD, a digital currency pegged to the value of the US dollar, enjoyed significant popularity on Binance's platform. Yet, after <a href="https://cryptodaily.co.uk/2023/08/sec-to-sue-paxos-over-binance-usd-token">the SEC accused&nbsp; Paxos of emitting BUSD, which it termed an unregistered security</a>, the stablecoin emission was halted and its use is being wound down.</p> 
<p>Paxos, a trusted name in the digital currency sector, has let it be known that it will continue to support the BUSD token, backed 1:1 to the US dollar until it ceases supporting it by February 2024.</p> 
<h2 id="">&nbsp;</h2> 
<blockquote> 
 <p>As Paxos has halted minting of new BUSD, <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> will now gradually remove support for the stablecoin on our platform.BUSD will always remain backed 1:1 by USD, and we continue to support a wide range of other stablecoins.Find more details below.</p>
 <p> — Binance (@binance) <a href="https://twitter.com/binance/status/1697159019234791909?ref_src=twsrc%5Etfw">August 31, 2023</a></p>
</blockquote> 
<h2 id="">&nbsp;</h2> 
<h2 id="out-of-busd-and-into-fdusd">Out of BUSD and into FDUSD?</h2> 
<p>Binance made the announcement in a&nbsp;<a href="https://www.binance.com/en/support/announcement/binance-encourages-users-to-convert-busd-to-other-stablecoins-prior-to-february-2024-d392843e81fd4bc3a5f7e219aa01f34d">statement</a> on its website support section. It referred to the fact that Paxos had stopped minting BUSD and affirmed that users should convert their assets out of BUSD by February 2024.</p> 
<p>Binance also encouraged investors to move out of the BUSD stablecoin and into First Digital USD (FDUSD), stating that users would not have to pay fees on this particular trade.&nbsp;</p> 
<p>Probably seeking compliance with the SEC Wells Notice to Paxos that <a href="https://cryptodaily.co.uk/2023/08/sec-to-sue-paxos-over-binance-usd-token">BUSD is an unregistered security</a>, Binance has signalled that it will gradually delist all the remaining BUSD pairs on its platform.&nbsp;</p> 
<p>&nbsp;Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p>

Binance to Phase Out BUSD Support in Collaboration with Paxos

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