Have you moved your BUSD from Binance

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Avatar for bala41288
2 months ago
Topics: Busd, Bsc, Binance, Cryptocurrency, Money, ...

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.

Vote@balazas aHive Witness
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Avatar for bala41288
2 months ago
Topics: Busd, Bsc, Binance, Cryptocurrency, Money, ...