Have you moved your BUSD from Binance
Recently I have been transacting some BUSD on Binance and I came across this announcement from Binance saying that they are going to delist BUSD little by little and cease trading operations on BUSD. Binance was supporting BUSD as long as Paxos was supporting the minting of BUSD accordingly. But now as Paxos is stopping the minting activity, Binance is also getting out of Business. But Binance will continue to have other stablecoins and will continue to support other stablecoins.
I have to admit that BUSD was very supportive and very helpful. It was an easy stable coin on Binance smart chain for USD equivalant. I personally have used BUSD for many operations and it is sad to see that Binance is no longer supporting the coin and the coin itself is going to go away in 2024.
Be careful with other stablecoins
After this decision was made, many people moved their stablecoin assets from BUSD to other stablecoins that they believed in. There are so many other alternative stablecoins still available inside Binance. One thing that we have to understand here is that not all stablecoins are real stable coins and not all of them have a strong peg against USD. People who are converting their stable coin from BUSD to other stablecoins should be very careful and they have to first understand how the other stablecoin operates.
There have been several instances in the past where stablecoins are not really stable and some had lost their value. It is better to choose popular stable coins and well-known stablecoins that have been doing good for several years now. Selecting a new stablecoin without knowing more about it can call us into trouble.
I recently moved all my stable coins from BUSD to USDT. Though the value is very low, I'm going to keep them inside binance for some time. Additionally, I was not sure what would happen to the BUSD that I had inside my BSC wallet and luckily I converted that as well to USDT and other coins. I don't have any BUSD anymore. I have to make sure I don't receive any more BUSD from others as well. Otherwise, I have to find a way to convert them to USDT or other reliable stablecoins.
Believe in HBD
Out of all the stable coins out there, I would say that I like HBD the most because it is fully on-chain. Just because I know how Hive operates, I can say for a fact that HBD is fully decentralized as it is an on-chain cryptocurrency. In the last few bull runs and bear market trends, I have seen the price of HBD staying stable. Sometimes because of a high volume trade on Upbit exchange the value of HBD might spike a little bit but it will gradually settle down as the market adjusts by itself.
I hope we can see more exchange listing for HBD so that it becomes not so hard to maintain the liquidity and hopefully the demand and ease of use is pretty decent for HBD.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
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BEER.I think it is base on agreement infringement that made binance frowned at BUSD.
Thanks for bringing this important update to Hive. I'm sure it will help a lot of people a great deal. Though. I don't hold BUSD, as a have most of my holding in btc, tron, hive and USDT.
There would still be a lot of people who don't know about this key update.
I was surprised when I saw the announcement as well. At least users will have some time until February 2024. Stablecoins are important in crypto but it is never certain as we have seen with recent history. They can fail too - so it is good that you gave a little warning. One must consider the choice of stablecoin very carefully.
Yes indeed true. There have been instances in the past. HBD is doing really well but not sure how long that would be the case.
I have exchanged all my BUSD for Tether
Nice same here. But BUSD was definitely comfortable.
The way we're seeing it now is that the news is wrong and the way we've seen the coin that the platform we operate on has remained stable throughout the bear market. It is better that we use it and not get into any more trouble this way.
Yeah I'm not sure what would happen to BUSD directly on the chain though. I doubt that it would stay stable.
Isn't BUSD is binance own coin?
Yes it's on their own chain and it's their own coin but this is SEC indirectly trying to get rid of Stable coins I guess.