Binance Introduces New BFUSD Stablecoin: Yields 19.55% APY and Can Be Used as Collateral
Binance has announced BFUSD, its new stablecoin that offers a 19.55% APY and can be used as collateral. This new coin will allow users to earn daily rewards, while users in the MiCA region will not be able to receive rewards.
BFUSD and Binance's New Move
Binance had previously terminated its BUSD stablecoin as a result of the US’s crackdown on the cryptocurrency market. However, this time it is coming up with a different strategy. Binance has introduced its new stablecoin BFUSD, offering its users an annual return of 19.55%. BFUSD can be used not only for investors but also as collateral. This move points to further expectations of growth in the cryptocurrency market and price movement due to increasing volumes.
The following statements were made about BFUSD on the Binance exchange website:
No Staking Required: By keeping BFUSD in your wallet, you can benefit from daily airdrops and watch your balance increase over time.
Can be used as collateral: BFUSD can be used as collateral with a 100% collateral rate in Binance’s Multi-Asset Mode. Traders can increase their potential by using this mode.
Real-Time APY Calculation: Interest is calculated in real-time on the user's lowest BFUSD balance and updated with hourly snapshots.
While users under MiCA regulations can use BFUSD, they will not be able to earn rewards. This determines the scope and limitations of Binance’s new stablecoin.
This announcement stands out as a remarkable development in the cryptocurrency market and provides important clues about Binance's future strategies and new opportunities.
