Binance announced that it will discontinue support for its BUSD stablecoin on Dec. 15, a decision that was initially announced in August after Paxos, the issuer of the coin, was ordered to stop minting it in February.
Users will still be able to redeem their BUSD until February 2024, according to Binance’s blog post on Wednesday.
However, withdrawals for BUSD will be halted on Dec. 31, and any remaining balances will be automatically converted to FDUSD, a stablecoin issued by FD121 Ltd.
Currently, BUSD has a trading volume of roughly $400 million in 24 hours, as reported by CoinMarketCap. This is a decrease from its trading volume of $900 million in August.
