Coinbase announced its plans to suspend trading for Binance USD (BUSD), citing that the token no longer meets the exchange’s listing standards.
In its recent tweet, the exchange said it will remove support for trading BUSD on March 13. The suspension will also apply to other platforms under the firm, including Coinbase.com, Coinbase Prime, and Coinbase Pro.
Coinbase stated users’ BUSD holdings will remain accessible to them even after the suspension, adding,
“Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.”
BUSD has been steadily losing its market cap ever since the NYDFS ordered Paxos to cease minting the token. BUSD’s market capitalization stands at $10.74B, down by 21% in the last ten days. The token briefly lost its peg by dropping to $0.9997 after Coinbase’s announcement.
Meanwhile, Binance's TrueUSD (TUSD) stablecoin has emerged as the fifth largest stablecoin. So far, Binance has minted 130M TUSD tokens over the past week. TUSD's circulating supply has surpassed the $1.1B mark, making it the fifth-largest stablecoin by market cap.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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