Binance, one of the largest crypto exchanges, has announced that it will cease borrowing and lending services for its native stablecoin Binance USD (BUSD) by October 25. This follows an earlier announcement in August that all services related to BUSD would be terminated by 2024. Currently, users can lend their BUSD on Binance at an estimated annual percentage yield of 3%.Deposits of BUSD remain open across all blockchains, but withdrawals have been suspended via BNB Chain, Avalanche, Polygon, Tron and Optimism. Binance has urged users to convert their BUSD balances into fiat or other crypto by next year.At its peak, BUSD had a market capitalization of $23 billion in November 2022. However, it has since fallen to $2.23 billion at the time of publication.

The termination of BUSD and related services has occurred in phases, with New York fintech firm Paxos, the issuer of the BUSD stablecoin, ending relations with Binance due to the latter’s ongoing litigation with the U.S. Securities and Exchange Commission.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	USD Coin USDC, TrueUSD, Paxos, Binance, Cointelegraph
Companies	USD Coin USDC, BNB Chain, Optimism, TrueUSD (TUSD), Avalanche, Ethereum, Paxos, Tron, Binance, None, Dai, Tether USDT, U.S. Securities and Exchange Commission, Polygon
Currencies	Tether, BUSD, USDC, TrueUSD, Dai
Securities	None