Binance, one of the largest global crypto exchanges, is inching closer to discontinuing its BUSD stablecoin.
This follows the recent completion of the conversion of BUSD token balances to FDUSD for eligible users, marking a pivotal shift in the exchange’s stablecoin strategy.
Binance Converts BUSD to FDUSD
Binance announced that users can now confirm the receipt of FDUSD tokens by checking their Distribution or Conversion History pages.
Notably, all eligible BUSD balances in users’ Spot and Funding Wallets underwent conversion to FDUSD at a 1:1 rate. The FDUSD tokens, encompassing ERC20, BEP20, and opBNB smart contract addresses, represent Binance’s latest foray into stablecoin offerings.
Despite these changes, deposits for BUSD tokens have resumed, providing users with continued flexibility. These deposits will be converted to FDUSD at a 1:1 ratio for eligible users on weekdays, with the possibility of pauses without prior notice. Additionally, users can manually swap BUSD for FDUSD using Binance Convert.
However, it’s important to note that withdrawals for BUSD tokens are no longer supported.
The screenshot below shows that FDUSD has a market share of just 1.39%, whereas BUSD still has a market share of 0.75%. Tether’s USDT remains a dominating player, with a market share of over 70%.
Read more: What Is a Stablecoin? A Beginner’s Guide
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Author: Harsh Notariya
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