Coinbase to suspend BUSD trading

Discontinued support for BUSD

Coinbase announced on the 27th that it will suspend trading of the stablecoin BUSD. It will be held on March 13th, US time.

Coinbase is citing listing criteria as the reason for the decommissioning.

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for Binance USD (BUSD) on March 13, 2023, on or around 12pm ET.

— Coinbase Assets (@CoinbaseAssets) February 27, 2023

The background to BUSD is that on February 13, the New York State Department of Financial Services (NYDFS) ordered its issuing company, Paxos, to suspend new issuance.

connection: Change in stablecoin power map While BUSD dominance is declining, USDT is over 50% again

BUSD is a stablecoin realized through a partnership between Binance and Paxos, but after new issuance has been suspended, Binance is exploring the possibility of stablecoins other than the US dollar.

connection: Binance CZ mentions the need for stablecoins other than the US dollar such as the Japanese yen