Binance Destroys 2 Billion BNB Chain BUSDs
According to reports, Binance said in a social media message that 2 billion BNB Chain BUSDs will be destroyed today, and the Ethereum BUSDs as collateral will …
According to reports, Binance said in a social media message that 2 billion BNB Chain BUSDs will be destroyed today, and the Ethereum BUSDs as collateral will be released.
Binance will destroy 2 billion BNBChains on BUSD today
Interpretation of the news:
Binance, a popular cryptocurrency exchange, has made an announcement on social media that it will destroy 2 billion BNB Chain BUSDs. The destruction of these BUSDs is aimed at reducing the supply of stablecoins in the market, thereby increasing their value. Binance stated that the Ethereum BUSDs will be released as collateral.
Stablecoins are a type of cryptocurrency that is pegged to a stable asset such as the US dollar. They are designed to reduce the volatility in the cryptocurrency market by providing a stable form of currency that can be used for transactions. BUSDs are one such stablecoin that is issued by Binance in partnership with Paxos.
The destruction of 2 billion BNB Chain BUSDs is significant as it reduces the supply of BUSDs in the market. This is in line with Binance’s efforts to manage stability in the cryptocurrency market. The destruction also highlights the importance of Binance’s partnership with Paxos in issuing BUSDs.
The release of Ethereum BUSDs as collateral is also significant. This means that the BUSDs that were held as collateral will now be released, thereby increasing the supply of BUSDs in the market. This move will likely reduce the value of BUSDs as the increased supply will push prices down.
The announcement by Binance has been met with mixed reactions from the cryptocurrency community. Some see it as a positive move towards reducing volatility in the market while others are skeptical about the impact it will have on the value of BUSDs.
Overall, the destruction of 2 billion BNB Chain BUSDs by Binance and the release of Ethereum BUSDs as collateral is a significant move in the cryptocurrency market. It highlights the importance of stablecoins in managing volatility and stability in the market. However, the impact of this move on the value of BUSDs remains to be seen.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/2481/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Continuing Steady Growth of Bitcoin Lightning Network Nodes
According to the report, 1ML data shows that the current number of Bitcoin lightning network nodes is 16052, an increase of 0.65% in the past 30 days; The numb…
-
Lido DAO’s Financial Department Proposes Governance Proposals for Treasury Management
On February 15, the financial department of Lido DAO, Steakhouse Financial, submitted four governance proposals, namely, whether Lido DAO should pledge ETH in …
-
One Championship and Animoca Brands Collaborate on Combat Game with NFTs
On April 27th, it was announced that Animoca Brands is collaborating with Singapore\’s One Championship to produce a comprehensive combat game, ONE Fight Arena, with NFTs. It is exp
-
Table of Contents:
According to reports, data shows that at least $5 billion has flowed into USDT in the past few weeks, and its market value has exceeded $77 billion so far. Cluzeau said that we hav
-
Axis Infinity Launches New Feature to Enhance User Customization
It is reported that Axis Infinity announced on social media that the newly launched new feature of the character body color filter \”Body Color Filter\” has been…
-
Accelerating Investment in the Web3 Sector: Saison Capital’s New Token Fund
On April 5th, Credit Saison\’s investment agency, Saison Capital, announced the establishment of a new token fund to accelerate investment in the Web3 sector in the current market d
-
Gold Backed Digital Currency to Stabilize Zimbabwean Dollar
According to reports, the Bank of Zimbabwe will launch a gold backed digital currency as the legal tender for transactions in the country, as part of its intervention measures to s
-
What is eos coin called in Chinese (What does eos coin mean)
What is eos coin called in Chinese according to EOS Gravity, eos coin is called
-
The Night Watchdogs: CFTC, Federal Reserve, and U.S. Department of Justice work in tandem for Bank of Silicon Valley
21:00-7:00 Key words: CFTC, Federal Reserve, U.S. Department of Justice, Bank of Silicon Valley Overview of important developments overnight on March 14 Analysis based on this information:The message states that from 9:00 pm to 7:00 am, three key regulatory organizations in the United States, namely the Commodity Futures Trading Commission (CFTC), the Federal Reserve, and the U.S. Department of Justice, are at work. They are working on a joint project to oversee the compliance of the Bank of Silicon Valley with the regulations implemented to maintain the stability and security of the country’s financial system. The three organizations have collaborated for a reason. The CFTC is the regulator responsible for overseeing the derivatives markets, while the Federal Reserve is the central bank that monitors financial stability and economic growth. On the other hand, the U.S. Department of Justice’s mission is to enforce the law and defend the interests of justice. Cooperation among these institutions is crucial for the proper functioning…
-
CryptoPunk #4608 Sells for 220Eth: Understanding What it Means for the Crypto Market
According to reports, data shows that CryptoPunk # 4608 was sold at the price of 220ETH.
CryptoPunk # 4608 was sold at 220ETH
Interpretation of th…
-
Wemade’s Blockchain Game Platform Token Approved for Korean Cryptographic Exchange
On February 17, it was announced that the blockchain game platform owned by the Korean game giant Wemade announced that the WEMIX 3.0 native token had been app…
-
Cryptocurrency to play a crucial role in the growth of smart contract market size by 2030
It is reported that according to Zion Market Research, the global smart contract market size will be about 1.75 billion US dollars in 2022, and is expected to …
-
Australian Venture Capital Firm VentureCrowd Raises $1400 Million for Web3 and Blockchain Expansion
On March 21, it was reported that Australian venture capital firm VentureCrowd is raising $1400 to expand the Southeast Asian market and increase investment in the Web3 and blockch
-
A Share Digital Currency and Computing Power Concept Stocks Rise
According to reports, A-share digital currency concept stocks and computing power concept stocks have strengthened, Asia United has developed three consecutive boards, Oma Electric
-
#Tezos Introduces Smart Rollups And Other Updates After Activating Its 13th Core Protocol Upgrade in Mumbai
According to reports, the Proof of Interest blockchain Tezos has announced that it has activated the 13th core protocol upgrade in Mumbai and introduced the two-layer extension sol
-
Illuvium to Launch New Game Beyond: An Overview
It is reported that Illuvium will launch a new game Beyond on March 7. Illuvium Beyond is a customizable NFT adventure game, Illuvium is a decentralized RPG an…