I think binance creating a new stablecoin with a different name and different company it is called FDUSD First Digital USD this is just my opinion since BUSD fail and Binance war with the SEC BUSD is out from the paxos and creating new companies in HongKong https://firstdigitallabs.com/ since binance is always pump FDUSD with high APR staking and lot other.
FDUSD is already running on Binance and is being promoted on Launchpads, along with TUSD and BNB. Moreover, it's now offering a 10% APY bonus for up to $1,000 in their "Earn/Staking" section. However, is there any proof to back such a claim? Although I understand your point that it's heavily promoted, it's best not to jump to conclusions without being able to confirm the validity of such statements. Personally, apart from what you've mentioned, which is merely a suspicion, I don't see any link between Binance and First Digital Limited, the issuer of FDUSD. On top of that USDT is also being promoted and having boosted APYs, thus, I don't think your claim is enough to come up with such a conclusion. 
Topic: Binance removing support for BUSD (Read 406 times)
I think binance creating a new stablecoin with a different name and different company it is called FDUSD First Digital USD this is just my opinion since BUSD fail and Binance war with the SEC BUSD is out from the paxos and creating new companies in HongKong https://firstdigitallabs.com/ since binance is always pump FDUSD with high APR staking and lot other.
https://twitter.com/binance/status/1697159019234791909
"As Paxos has halted minting of new BUSD, #Binance will now gradually remove support for the stablecoin on our platform."
So, Binance, which was trying to use BUSD for everything on their platform and make it much bigger than USDT, they are now removing support for the BUSD on their platform.
They literally used BUSD to pump their BNB and raise more BNBs with it. Kind of fishy overall.
If you're not a fan of busd due to centralization issues, this update reduces that source of worry. It is possible that during this time busd users or traders in busd pairs are starting to run out of space. But it doesn't matter as long as there is USDT instead. I myself prefer USDT. In my opinion, it doesn't matter if there is no busd pair on Binance. "As Paxos has halted minting of new BUSD, #Binance will now gradually remove support for the stablecoin on our platform."
So, Binance, which was trying to use BUSD for everything on their platform and make it much bigger than USDT, they are now removing support for the BUSD on their platform.
They literally used BUSD to pump their BNB and raise more BNBs with it. Kind of fishy overall.
Too much suits filed against loads of projects is bringing the crypto space to a different tracjectory. As projects are springing up to help better the ecosystem, so are suits springing up from different locations to challenge the structure that is gradually being achieved.
Binance shutting down its BUSD token is a serious concern for the blockchain space and I urge the key players to keep a close watch on the happeings to avoid an implosion.
Binance shutting down its BUSD token is a serious concern for the blockchain space and I urge the key players to keep a close watch on the happeings to avoid an implosion.
I think this has more to do with compliance than incompetency or being incapacitated. The unleash of suits on Binance in recent times has forced the world's leading exchanger to review certain features within its nest.
They have stated that it's because of the pressure that were charged against them by the regulation. But yeah, it's also likely that based on that reasoning, it has some connections with compliance.CZ is trying to be careful not to have issues as it looks like he's the only man still standing strong and processing loads of transactions.
He's too small nowadays not to notice and he's got a lot of competitions already that's why it's up to the regulators to give him some hard time in compliance.Or who knows if these are like some hints that's passed on to the regulators from his competitors. Needless to say, BUSD holders have got less than half month to trade their BUSD assets.
I think this has more to do with compliance than incompetency or being incapacitated. The unleash of suits on Binance in recent times has forced the world's leading exchanger to review certain features within its nest. CZ is trying to be careful not to have issues as it looks like he's the only man still standing strong and processing loads of transactions.
...Is it possible to retain the name of BUSD but just change the issuer? So it would still fit for used on Binance exchange or this is possible only once the old busd taken down by Paxos.
It is possible that the use of the BUSD stablecoin name is restricted by law and we do not know for certain in whose name this trademark is registered. And if Binance planned to use this name in the future, it would happen right now, when the new stablecoin FDUSD is being introduced on the exchange.
discontinuation of supporting for this stablecoin. I thought Binance is the only ones who do create it out but did make out some search and find this.
What Is Binance USD (BUSD)? BUSD is a fiat-backed stablecoin issued by Binance and Paxos. Each BUSD token is backed 1:1 with US dollars held in reserve.
Source
...Is it possible to retain the name of BUSD but just change the issuer? So it would still fit for used on Binance exchange or this is possible only once the old busd taken down by Paxos.
It is possible that the use of the BUSD stablecoin name is restricted by law and we do not know for certain in whose name this trademark is registered. And if Binance planned to use this name in the future, it would happen right now, when the new stablecoin FDUSD is being introduced on the exchange.
The new stablecoin, which has become a replacement for BUSD, is the new stablecoin 111, the issuer of which is a trust company from Hong Kong First Digital Group. Accordingly, Binance has become a little further away from the SEC, but closer to the Asian regulatory authorities.
Maybe it is a good move so SEC would stop some allegations more on Binance but sincr I dont have much info on this new one thanks for the heads up. So Asian move now. I think thats good isnt it? Hongkong is a pro crypto so they would definitely connect to larger platform like Binance. It just unfrotunate that we need to let go of that BUSD cause its already marked in every trader out there. Is it possible to retain the name of BUSD but just change the issuer? So it would still fit for used on Binance exchange or this is possible only once the old busd taken down by Paxos. ...Personally I think CZ should did a deal with them about this beforehand since the community might think of this as well and they wouldny trust the new stablecoin they are introducing.
Now it is very difficult to hide the issuer of any stablecoin from the public, since all the necessary information is publicly available. But, of course, the name Binance USD (BUSD) obviously misled many and, accordingly, many believed that the issuer was the Binance cryptocurrency exchange. The new stablecoin, which has become a replacement for BUSD, is the new stablecoin FDUSD, the issuer of which is a trust company from Hong Kong First Digital Group. Accordingly, Binance has become a little further away from the SEC, but closer to the Asian regulatory authorities.
but everyone always think BUSD is owned by Binance. If the name of this stable coin isn't BUSD, there must be a sudden dump because many people will panic.
I think everyone should convert all of their BUSD into other popular stable coin right now.
This is quite confusing actually. Before I really thought that BUSD is owned by binance since its name after their exchange though the fact that it is owned by Paxos then its a different story. Personally I think CZ should did a deal with them about this beforehand since the community might think of this as well and they wouldny trust the new stablecoin they are introducing. I think everyone should convert all of their BUSD into other popular stable coin right now.
BUSD go, FDUSD come, FDUSD go, XDUSD come... It doesn't really matter to end user as they are all stablecoins with 1:1 backed real USD.
If you aren't in a coma and are following the market, you can exchange your stablecoins for the new one without losing any value. It's not a big deal I suppose.
If you aren't in a coma and are following the market, you can exchange your stablecoins for the new one without losing any value. It's not a big deal I suppose.
...Now that this eventually came true as they are finally removing the support of BUSD, it would potentially affect Binance especially the BNB coin. But we will see regarding their upcoming developments over the next few months.
And what connection can there be between BNB and stablecoin, the issuer of which was Paxos? A month ago, Binance switched to promoting another stablecoin - FDUSD, which took BUSD place in Launchpool Cyber and SEI. There can be no vacuum in business and FDUSD appeared instead of BUSD.
That's right its just they are just shifting to more better and adaptable stable coin since BUSD might be affected to recent SEC issue so avoid any conflict they maybe see FPUSD as better option to avoid any problem and drive out some possible pressure made by legal authorities. If we talk about bad effect well I agree with nothing will happen since binance is doing great job for deciding this current situation.
...Now that this eventually came true as they are finally removing the support of BUSD, it would potentially affect Binance especially the BNB coin. But we will see regarding their upcoming developments over the next few months.
And what connection can there be between BNB and stablecoin, the issuer of which was Paxos? A month ago, Binance switched to promoting another stablecoin - FDUSD, which took BUSD place in Launchpool Cyber and SEI. There can be no vacuum in business and FDUSD appeared instead of BUSD.
Before this news came out, I've already converted my BUSD to USDT.
Ever since I knew that the Paxos the one who supported the BUSD have been asked by the US regulators to stop their operations, the future would be uncertain for BUSD.
Now that this eventually came true as they are finally removing the support of BUSD, it would potentially affect Binance especially the BNB coin. But we will see regarding their upcoming developments over the next few months.
Ever since I knew that the Paxos the one who supported the BUSD have been asked by the US regulators to stop their operations, the future would be uncertain for BUSD.
Now that this eventually came true as they are finally removing the support of BUSD, it would potentially affect Binance especially the BNB coin. But we will see regarding their upcoming developments over the next few months.
I honestly wouldn't be surprised if Binance is now in a pretty shitty situation in terms of regulations that I probably suggest against using Binance even if you were an active daytrader.
In the first place — it was pretty weird with Binance being in the gray-area in terms of legality, and them partnering with Paxos — a New York-based company.
In the first place — it was pretty weird with Binance being in the gray-area in terms of legality, and them partnering with Paxos — a New York-based company.
Thank you for sharing; I had completely missed it. It is kind of surprising and something I wouldn't expect to happen. Even though BUSD has been created by Paxos and not Binance themselves directly, I believe that it'll impact Binance and especially BNB, as everyone affiliated BUSD with the exchange. Personally, it was one of my first, if not the first, options when choosing a pair to stake stablecoins or any other coin because, at least to me, it seemed like a safer option than TUSD or USDT, but I might be wrong about that.
Certainly, to begin with, there are already too many stablecoins in circulation, but it was a little different with BUSD due to its correlation with the Binance exchange; it just felt safer to me, as I found it unlikely for Binance to face any major difficulty that would disrupt its ecosystem. It seems that the SEC incident is starting to cost, while I also read a couple of days ago that Mastercard is stopping its affiliation with Binance for the issuance of new cards. I wouldn't be surprised if these incidents also affect BNB.
Certainly, to begin with, there are already too many stablecoins in circulation, but it was a little different with BUSD due to its correlation with the Binance exchange; it just felt safer to me, as I found it unlikely for Binance to face any major difficulty that would disrupt its ecosystem. It seems that the SEC incident is starting to cost, while I also read a couple of days ago that Mastercard is stopping its affiliation with Binance for the issuance of new cards. I wouldn't be surprised if these incidents also affect BNB.
You literally have all these stablecoins, which are backed by the dollar, which itself is backed by.... a money printer. So inflation will tank all of these coins at once.
Are these stablecoins actually backed by the dollar? That's the question. I'm afraid they aren't backed by the dollar and if today we all try to convert our USDTs into USD, there will be a chaos.Last year, one of the largest auditing companies in the world, BDO, published a report on the sufficiency of reserves of Tether Holdings to support USDT - https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9buRWR/544a579335ae65ed0e08c162c5a2c5d9/Std_ISAE_3000R_Opinion_30-6-2022_RC134792022BD0303.pdf. According to this report, the assets of Tether Holdings consisted of:
US Treasury bills - $28.8 billion
in commercial securities - $8.5 billion
money market funds - $6.8 billion
cash - $5.4 billion
Well, this was inevitable. Since the whole SEC thing started, the token's marketcap has only been going down[1] but as mentioned above, it looks like Binance has already found their new favorite stablecoin:
Pretty much all of its trading volume is coming from Binance[2]
[1] https://decrypt.co/121182/paxos-halts-busd-minting-as-sec-reportedly-prepares-lawsuit
[2] https://coinmarketcap.com/currencies/first-digital-usd/#Markets
It's okay for Paxos to print PayPal USD but it's a problem to print Binance USD. Sounds interesting, but I really wonder if Binance is going to add USDP pairs on its exchange.In its statement, Binance said it is encouraging users to trade or convert their BUSD balances for First Digital USD (FDUSD) — a stablecoin launched in June by the Hong Kong-based trust company First Digital Group which had its debut listing on Binance in late July.
Pretty much all of its trading volume is coming from Binance[2]
[1] https://decrypt.co/121182/paxos-halts-busd-minting-as-sec-reportedly-prepares-lawsuit
[2] https://coinmarketcap.com/currencies/first-digital-usd/#Markets
This is definitely a war between Binance and SEC but the curious thing is that Binance always manages to escape, it always finds a new deal.
BTW am I the only one who disdains the idea of having a "USD coin" in the first place?
I personally don't understand why don't we have simply USD pairs and why do these exchanges offer stable scams? You literally have all these stablecoins, which are backed by the dollar, which itself is backed by.... a money printer. So inflation will tank all of these coins at once.
Are these stablecoins actually backed by the dollar? That's the question. I'm afraid they aren't backed by the dollar and if today we all try to convert our USDTs into USD, there will be a chaos. 
It is unfortunate that a large exchange like Binance was not able to protect its stablecoin, this shows that there are basically suspicious and illegal things around BUSD from the beginning so it is better that they stop it before it causes huge losses to users.
In any case, I don't think anyone will be sad about another central currency leaving the market.
There is no difference between all of these currencies, and they all have in common the fact that they are linked to the dollar as a reserve currency, and that all of them can manipulate the amount of their liquidity by printing an infinite number of them without providing that cover of the dollar.
The main reason why Binance abandoned BUSD and looked for other options is that BUSD is minted by the American company Paxos, which is regulated by the Securities Exchange Commission (SEC) in accordance with US laws and is therefore monitored. This, of course, does not help Binance when it wants to print more without anyone’s supervision.
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