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Binance, one of the world’s largest and most active cryptocurrency exchanges, has announced plans to drop support for its own BUSD stablecoin later this year.
The Chinese-based exchange had launched its own version of the popular USD-denominated stablecoin, BUSD, in 2019. However, Binance has now said that the coin will no longer be supported by the exchange, with the final date set for February 2021.
According to a press release shared by Binance, the exchange will now focus on promoting “new, innovative stablecoins” in order to provide customers with more choice. Binance has also announced a strategic cooperation with seven external crypto firms to promote their newly created coins.
BUSD competitors include PAX Gold, USDT, TUSD, USDC, USDS, and BKRW. The fresh focus on promoting new digital assets is part of Binance’s larger strategy to remain competitive in the cryptocurrency industry.
It remains to be seen how well the new stablecoins perform, but it’s clear that Binance is committed to providing its users with enhanced options. Furthermore, the exchange has stated that it will continue to monitor the performance of all of these coins and may decide to drop some of them in the future.