Binance unveiled an upcoming asset called BFUSD on Monday, which some industry insiders said is similar to a high-yield stablecoin (with an annual yield of 19.55%). Binance later clarified that despite the "USD" suffix in the name, the asset is not a stablecoin.

"BFUSD has not yet been launched. To be clear, it is not a stablecoin, but a reward-based margin asset for futures trading," Binance wrote on X in response to crypto news aggregator @zoomerfied calling the token a "stablecoin." (The Block)