Tuesday, March 21, 2023
No Result
View All Result
Blockchain Daily Report
Advertisement
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • SCAM ALERT
  • REGULATIONS
  • ANALYSIS
Crypto Marketcap
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • SCAM ALERT
  • REGULATIONS
  • ANALYSIS
Crypto Marketcap
Logo
No Result
View All Result
Home Blockchain

Binance Replaces BUSD with TUSD and USDT in SAFU Fund

by Blockchain Daily Report
March 19, 2023
in Blockchain
Reading Time: 2 mins read
A A
0
Binance Replaces BUSD with TUSD and USDT in SAFU Fund
Share on FacebookShare on Twitter


Binance, one of many world’s largest cryptocurrency exchanges, introduced on March 17 that it has changed the Binance USD (BUSD) holdings in its Safe Asset Fund for Customers (SAFU) with TrueUSD (TUSD) and Tether (USDT). The transfer is available in response to Paxos’ current transfer to cease minting new BUSD, which has led to the asset’s market capitalization falling. SAFU is an emergency insurance coverage fund established by Binance in July 2018 to guard customers’ funds in case of safety breaches or different unexpected occasions.

Binance dedicated a share of buying and selling charges to develop the fund, which was valued at $1 billion as of Jan. 29, 2022. SAFU’s wallets initially consisted of BNB (BNB), Bitcoin (BTC), and Binance USD, which has now been changed by TUSD and USDT. Binance assured customers that the change wouldn’t affect them, their funds would proceed to be held in publicly verifiable addresses, and BUSD would proceed to be supported. The trade added that it will carefully monitor the fund to make sure that it stays sufficiently capitalized and prime it up periodically as needed utilizing its personal funds.

On Feb. 13, BUSD issuer Paxos Belief Firm introduced it will cease issuing new BUSD efficient Feb. 21 in accordance with the instructions of and in coordination with the New York Division of Monetary Companies. Days after studies emerged that United States regulators have been scrutinizing Paxos and BUSD, Binance minted practically $50 million value of TUSD. The transaction happened on Feb. 16, based on information from Etherscan, and got here two days after Binance CEO Chanpeng Zhao talked about in a Feb. 14 Twitter Area that Binance would look to “diversify” its stablecoin holdings away from BUSD.

With the U.S. Securities and Change Fee additionally taking motion towards BUSD, some crypto group members have questioned whether or not stablecoins are the actual subject at hand or if it is truly about Binance, because the SEC did not take motion towards Paxos’ gold-backed stablecoin, Pax Gold (PAXG).

Stablecoins, comparable to BUSD, TUSD, and USDT, are digital currencies designed to take care of a secure worth relative to a reference asset, such because the US greenback. They’ve turn out to be more and more common in recent times as a method of facilitating transactions on cryptocurrency exchanges with out having to transform to fiat forex, which could be expensive and time-consuming.

Nevertheless, stablecoins have additionally come underneath scrutiny from regulators on account of considerations about their lack of transparency and potential to be used in illicit actions. The current actions by the SEC and the New York Division of Monetary Companies towards BUSD and Paxos are a part of a wider crackdown on stablecoins and cryptocurrency extra broadly.

In response, cryptocurrency exchanges and different market individuals want to diversify their stablecoin holdings to cut back their publicity to anyone specific asset. This seems to be the motivation behind Binance’s choice to exchange BUSD with TUSD and USDT in its SAFU fund.



Source link

Tags: BinanceBUSDfundReplacesSAFUTUSDUSDT
Share76Tweet47

Related Posts

Australian Bankers Association cost of living probe shows bank pressure

Australian Bankers Association cost of living probe shows bank pressure

by Blockchain Daily Report
March 20, 2023
0

The Australian Banking Affiliation (ABA), which is the commerce affiliation for the Australian banking trade, has initiated a value of...

How NFTs Are Affected by Digital Asset Regulation

How NFTs Are Affected by Digital Asset Regulation

by Blockchain Daily Report
March 21, 2023
0

NFTs, or non-fungible tokens, are a sort of digital asset that represents possession of a novel piece of digital content...

MakerDAO Increases US Treasury Bond Holdings by 150%

MakerDAO Increases US Treasury Bond Holdings by 150%

by Blockchain Daily Report
March 18, 2023
0

MakerDAO, a lending protocol and stablecoin issuer, has voted in favor of a proposal to increase the quantity of United...

Generalizing DeFi Flash Loans – PrimaFelicitas

Generalizing DeFi Flash Loans – PrimaFelicitas

by Blockchain Daily Report
March 18, 2023
0

The DeFi flash mortgage is an uncollateralized mortgage the place crypto belongings could be borrowed with out upfront collateral so...

A Brief History of NFTs

A Brief History of NFTs

by Blockchain Daily Report
March 17, 2023
0

Enterprise executives, builders, and entrepreneurs are engaged on initiatives for the adoption of a world pushed by web3 applied sciences....

Load More
  • Trending
  • Comments
  • Latest
FL Gov. DeSantis Proposes Ban on Central Bank Digital Currency Use as Money – Bitcoin News

FL Gov. DeSantis Proposes Ban on Central Bank Digital Currency Use as Money – Bitcoin News

March 21, 2023
Florida Governor Proposes Legislation To Ban Central Bank Digital Currency CBDC

Florida Governor Proposes Legislation To Ban Central Bank Digital Currency CBDC

March 21, 2023
Australian Bankers Association cost of living probe shows bank pressure

Australian Bankers Association cost of living probe shows bank pressure

March 20, 2023
Creators Behind Web3 Game Aavegotchi Raise $30M in Multiyear Token Sale

Creators Behind Web3 Game Aavegotchi Raise $30M in Multiyear Token Sale

March 20, 2023
Venezuela To Restructure Its Crypto Department

Venezuela To Restructure Its Crypto Department

March 20, 2023
Avenged Sevenfold Deathbats Link with Ticketmaster

Avenged Sevenfold Deathbats Link with Ticketmaster

March 21, 2023
Lido’s Staked Ethereum Token STETH Reaches $10.3B Market Capitalization, Ranks Ninth by Market Valuation – Defi Bitcoin News

Lido’s Staked Ethereum Token STETH Reaches $10.3B Market Capitalization, Ranks Ninth by Market Valuation – Defi Bitcoin News

March 20, 2023
FinGoal Secures New Funding in Round Led by Naples Technology Ventures

FinGoal Secures New Funding in Round Led by Naples Technology Ventures

March 20, 2023
Facebook Twitter Instagram Youtube RSS

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Blockchain Daily Report.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Mining
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 Blockchain Daily Report.
Blockchain Daily Report is not responsible for the content of external sites.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • SCAM ALERT
  • REGULATIONS
  • ANALYSIS

Copyright © 2022 Blockchain Daily Report.
Blockchain Daily Report is not responsible for the content of external sites.

  • bitcoinBitcoin(BTC)$28,094.001.73%
  • ethereumEthereum(ETH)$1,760.34-0.19%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.010.10%
  • binancecoinBNB(BNB)$337.410.19%
  • usd-coinUSD Coin(USDC)$1.000.01%
  • rippleXRP(XRP)$0.3858170.35%
  • cardanoCardano(ADA)$0.3430200.59%
  • staked-etherLido Staked Ether(STETH)$1,759.53-0.06%
  • matic-networkPolygon(MATIC)$1.13-1.02%