Leading cryptocurrency exchange Binance has launched a new stablecoin called BFUSD, which will offer high-profit income for traders. BFUSD will be the collateral for trading loans.
This new stablecoin has an annual percentage yield (APY) of 19.55%, making it a good alternative to conventional stablecoins like Tether (USDT) and USDC.
Cryptocurrency users only need to have BFUSD in their UM wallet to receive rewards. No staking funds are required. As of November 17, this stablecoin has a reserve fund of $1.1 million and a stability rate of 105.54%.
According to Binance, the APY of 19.55% for BFUSD is extraordinary. This new stablecoin has a total supply of 20 million, allowing cryptocurrency users to earn rewards by locking funds and staking.
Cryptocurrency users can access daily airdrop rewards when they hold BFUSD in their UM wallet. Binance cryptocurrency exchange will calculate interest on the lowest hourly BFUSD balance in the user's account analyzed through hourly snapshots.
However, Binance will regularly credit rewards to the UM Futures account, which can be viewed daily in the Rewards History section.
The new Binance stablecoin also features hassle-free income as you receive daily rewards by holding BFUSD in your wallet. The APY of 19.55% outperforms other stablecoins, but the most important feature is its ability to function as collateral in Multi-Asset Mode. BFUSD has a collateral ratio of 100% significantly improving the trading capabilities of cryptocurrency users.
Recently, stablecoins have emerged as a good financial option in the cryptocurrency world, as the Dutch fintech company Quantoz has launched two MiCAR-compliant stablecoins using Tether technology. Both USDQ and EURQ aim to transform financial transactions in Europe.
Recently, Binance has expanded its token offering services to support the native tokens of decentralized stablecoin users. Using Binance Launchpool, cryptocurrency traders can stake funds to earn USUAL, the native token of the cryptocurrency exchange for the 61st project.
USUAL has a unique vision for managing decentralized stablecoins, aiming to change ownership and governance of the protocol. Through this initiative, the cryptocurrency exchange emphasizes its commitment to supporting innovative projects in the stablecoin space.
BFUSD was launched to encourage stable adoption by maximizing benefits for cryptocurrency users. Holding the new Binance stablecoin is linked to the VIP level, with users assigned levels based on the number of tokens in their wallet. Traders are only allowed to transfer USDT into the UM wallet and must have daily trading activity to activate rewards. This ensures the maximization of income.
The collateral ratio of 105.54% for BFUSD ensures stability as there is $1.1 million in reserve funds as of November 17. This further enhances the reliability of the asset. PM and MiCA users can only exchange BFUSD without rewards, while main account holders can utilize the entire program.
The new stablecoin has kept the market capitalization of BFUSD stable at $68.31 million, despite causing a surge in the price of BNB to $617.20. The new stablecoin will strengthen Binance's position as an innovator in the stablecoin ecosystem as it offers high-profit opportunities.
