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Bitcoin Bitcoin (BTC) $118,970.28 ↑ 0.72%
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Hedera Hedera (HBAR) $0.28 ↓ -0.21%
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Pi Pi (PI) $0.45 ↑ 1.48%
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Internet Computer Internet Computer (ICP) $5.88 ↑ 3.09%
Aptos Aptos (APT) $4.91 ↑ 1.80%
OKB OKB (OKB) $49.06 ↑ 1.76%
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Kaspa Kaspa (KAS) $0.10 ↓ -1.33%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -1.74%
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Arbitrum Arbitrum (ARB) $0.47 ↑ 3.35%
Render Render (RENDER) $4.36 ↑ 1.84%
VeChain VeChain (VET) $0.03 ↑ 1.03%
GateToken GateToken (GT) $18.25 ↑ 2.31%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.03%
Worldcoin Worldcoin (WLD) $1.22 ↑ 3.65%
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Sky Sky (SKY) $0.10 ↑ 1.95%
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Sei Sei (SEI) $0.34 ↑ 0.68%
Cosmos Cosmos (ATOM) $4.87 ↑ 1.71%
Filecoin Filecoin (FIL) $2.77 ↑ 2.84%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.77 ↑ 3.84%
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Story Story (IP) $5.64 ↑ 2.77%
Injective Injective (INJ) $16.04 ↑ 5.35%
Quant Quant (QNT) $128.51 ↑ 1.08%
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Celestia Celestia (TIA) $2.05 ↑ 2.59%
KuCoin Token KuCoin Token (KCS) $11.54 ↑ 0.25%
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Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.58 ↓ -0.85%
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Conflux Conflux (CFX) $0.19 ↑ 2.02%
Tezos Tezos (XTZ) $0.90 ↑ 1.77%
PAX Gold PAX Gold (PAXG) $3,338.44 ↓ -0.67%
Theta Network Theta Network (THETA) $0.93 ↑ 3.20%
Vaulta Vaulta (A) $0.58 ↑ 0.12%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.01%
Raydium Raydium (RAY) $3.34 ↑ 8.33%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 1.22%
Nexo Nexo (NEXO) $1.32 ↑ 0.96%
IOTA IOTA (IOTA) $0.22 ↑ 0.15%
Gala Gala (GALA) $0.02 ↑ 2.80%
Tether Gold Tether Gold (XAUt) $3,338.23 ↓ -0.37%
The Sandbox The Sandbox (SAND) $0.32 ↓ -0.07%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 5.02%
Aerodrome Finance Aerodrome Finance (AERO) $0.90 ↓ -0.25%
Pendle Pendle (PENDLE) $4.67 ↑ 5.93%
Jito Jito (JTO) $2.07 ↑ 2.67%
Bitcoin Bitcoin (BTC) $118,970.28 ↑ 0.72%
Ethereum Ethereum (ETH) $3,886.58 ↑ 1.45%
XRP XRP (XRP) $3.24 ↑ 1.83%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.03%
BNB BNB (BNB) $849.22 ↑ 6.48%
Solana Solana (SOL) $192.14 ↑ 2.64%
USDC USDC (USDC) $1.00 ↓ 0.00%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 1.85%
TRON TRON (TRX) $0.33 ↑ 1.13%
Cardano Cardano (ADA) $0.83 ↑ 0.39%
Hyperliquid Hyperliquid (HYPE) $44.31 ↑ 3.21%
Sui Sui (SUI) $4.22 ↓ -1.79%
Stellar Stellar (XLM) $0.44 ↑ 0.69%
Chainlink Chainlink (LINK) $19.04 ↑ 1.23%
Hedera Hedera (HBAR) $0.28 ↓ -0.21%
Bitcoin Cash Bitcoin Cash (BCH) $585.97 ↓ -1.47%
Avalanche Avalanche (AVAX) $27.11 ↑ 8.62%
Litecoin Litecoin (LTC) $113.53 ↑ 0.21%
Toncoin Toncoin (TON) $3.39 ↑ 2.26%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 0.42%
UNUS SED LEO UNUS SED LEO (LEO) $8.97 ↓ -0.12%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.05%
Uniswap Uniswap (UNI) $10.93 ↑ 2.31%
Polkadot Polkadot (DOT) $4.21 ↑ 1.29%
Monero Monero (XMR) $327.06 ↑ 0.97%
Bitget Token Bitget Token (BGB) $4.70 ↑ 1.61%
Pepe Pepe (PEPE) $0.00 ↑ 1.84%
Dai Dai (DAI) $1.00 ↓ 0.00%
Cronos Cronos (CRO) $0.15 ↑ 4.03%
Aave Aave (AAVE) $303.78 ↑ 2.32%
Ethena Ethena (ENA) $0.67 ↑ 8.15%
Bittensor Bittensor (TAO) $431.94 ↑ 0.50%
NEAR Protocol NEAR Protocol (NEAR) $2.95 ↑ 1.51%
Ethereum Classic Ethereum Classic (ETC) $22.87 ↓ -0.06%
Pi Pi (PI) $0.45 ↑ 1.48%
Ondo Ondo (ONDO) $1.05 ↑ 0.44%
Internet Computer Internet Computer (ICP) $5.88 ↑ 3.09%
Aptos Aptos (APT) $4.91 ↑ 1.80%
OKB OKB (OKB) $49.06 ↑ 1.76%
Bonk Bonk (BONK) $0.00 ↑ 1.78%
Mantle Mantle (MNT) $0.82 ↑ 0.15%
Kaspa Kaspa (KAS) $0.10 ↓ -1.33%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -1.74%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 0.74%
Algorand Algorand (ALGO) $0.28 ↑ 0.34%
Arbitrum Arbitrum (ARB) $0.47 ↑ 3.35%
Render Render (RENDER) $4.36 ↑ 1.84%
VeChain VeChain (VET) $0.03 ↑ 1.03%
GateToken GateToken (GT) $18.25 ↑ 2.31%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.03%
Worldcoin Worldcoin (WLD) $1.22 ↑ 3.65%
SPX6900 SPX6900 (SPX) $2.26 ↑ 11.79%
Sky Sky (SKY) $0.10 ↑ 1.95%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.29 ↑ 1.23%
Sei Sei (SEI) $0.34 ↑ 0.68%
Cosmos Cosmos (ATOM) $4.87 ↑ 1.71%
Filecoin Filecoin (FIL) $2.77 ↑ 2.84%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.77 ↑ 3.84%
Jupiter Jupiter (JUP) $0.60 ↑ 2.85%
Flare Flare (FLR) $0.02 ↑ 1.81%
Story Story (IP) $5.64 ↑ 2.77%
Injective Injective (INJ) $16.04 ↑ 5.35%
Quant Quant (QNT) $128.51 ↑ 1.08%
XDC Network XDC Network (XDC) $0.09 ↑ 2.61%
Celestia Celestia (TIA) $2.05 ↑ 2.59%
KuCoin Token KuCoin Token (KCS) $11.54 ↑ 0.25%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.03%
Optimism Optimism (OP) $0.82 ↑ 12.55%
Fartcoin Fartcoin (FARTCOIN) $1.38 ↑ 4.04%
Curve DAO Token Curve DAO Token (CRV) $1.01 ↓ -4.08%
Stacks Stacks (STX) $0.85 ↑ 3.97%
Four Four (FORM) $3.50 ↑ 1.90%
FLOKI FLOKI (FLOKI) $0.00 ↓ -0.23%
Immutable Immutable (IMX) $0.60 ↑ 2.11%
dogwifhat dogwifhat (WIF) $1.13 ↑ 4.71%
Ethereum Name Service Ethereum Name Service (ENS) $30.47 ↓ -1.88%
PancakeSwap PancakeSwap (CAKE) $3.20 ↑ 14.07%
The Graph The Graph (GRT) $0.11 ↑ 2.89%
Lido DAO Lido DAO (LDO) $1.16 ↑ 5.19%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.58 ↓ -0.85%
Kaia Kaia (KAIA) $0.17 ↑ 1.06%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 3.10%
Sonic Sonic (S) $0.34 ↑ 1.48%
Conflux Conflux (CFX) $0.19 ↑ 2.02%
Tezos Tezos (XTZ) $0.90 ↑ 1.77%
PAX Gold PAX Gold (PAXG) $3,338.44 ↓ -0.67%
Theta Network Theta Network (THETA) $0.93 ↑ 3.20%
Vaulta Vaulta (A) $0.58 ↑ 0.12%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.01%
Raydium Raydium (RAY) $3.34 ↑ 8.33%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 1.22%
Nexo Nexo (NEXO) $1.32 ↑ 0.96%
IOTA IOTA (IOTA) $0.22 ↑ 0.15%
Gala Gala (GALA) $0.02 ↑ 2.80%
Tether Gold Tether Gold (XAUt) $3,338.23 ↓ -0.37%
The Sandbox The Sandbox (SAND) $0.32 ↓ -0.07%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 5.02%
Aerodrome Finance Aerodrome Finance (AERO) $0.90 ↓ -0.25%
Pendle Pendle (PENDLE) $4.67 ↑ 5.93%
Jito Jito (JTO) $2.07 ↑ 2.67%
Home Cryptocurrency

‘Not a Stablecoin’, Binance BFUSD Concerns Addressed After Terra Stablecoin Comparisons

Omada Apeh by Omada Apeh
19 November 2024
in Cryptocurrency, News
Reading Time: 3 mins read
0
'Not a Stablecoin', Binance BFUSD concerns addressed after Terra stablecoin comparisons

'Not a Stablecoin', Binance BFUSD concerns addressed after Terra stablecoin comparisons

Binance has confirmed that the BFUSD is not a stablecoin. This comes after comparisons were made between Binance BFUSD’s high yield and Terra’s algorithmic stablecoin collapse in 2022. After a wave of tweets and comments on social media asking what BFUSD was, Binance didn’t hesitate to shut down misinformation. They pointed out that BFUSD is a margin product not a stablecoin.

WhatsApp Image 2024 11 04 at 08.16.30

Table of Contents

Toggle
    • YOU MAY BE INTERESTED
    • Bitwise CIO Says Bitcoin Rally Coming in 2026, Halving Cycle No Longer Relevant
    • Inside CZ’s $76 Billion BNB Empire: What’s Behind the Explosive Price Climb?
  • What Then Is Binance BFUSD?
  • Social Media Comparisons to Terra
  • Lessons from Terra
  • Conclusion 

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What Then Is Binance BFUSD?

In a statement, Binance Customer Support said: “BFUSD is not launched yet. To make things clear, it isn’t a stablecoin but rather a reward-bearing margin asset of futures trading.” Stablecoins are pegged to a value, BFUSD will offer high yield for traders without the need to stake or lock up their capital.

According to Binance, BFUSD will live in the margin trading environment. Traders will store BFUSD in a Unified Margin wallet and receive daily airdrops based on their VIP level. That VIP level will also determine the amount of BFUSD available to that trader.

Social Media Comparisons to Terra

BFUSD was trending on X, with users comparing its yield to Terra’s failed algorithmic stablecoin. In 2022, one TerraUSD, promising 20% annual yield via Anchor protocol, collapsed and wiped out $18 billion in value.

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'Not a Stablecoin', Binance BFUSD concerns addressed after Terra stablecoin comparisons
‘Not a Stablecoin’, Binance BFUSD concerns addressed after Terra stablecoin comparisons

Pseudonymous trader RunnerXBT said “How. how much did Anchor. did. Yield?” referencing the similarities between Terra’s high promises and Binance’s BFUSD announcement. Another said “Are we the yield?” referring to unsustainable models.

Lessons from Terra

The TerraUSD collapse was a big moment in DeFi history because it showed and told us how algorithmic stablecoins with unsustainable yields are a danger. Terra’s LUNA token which was supposed to be used to maintain UST’s peg also lost 99% of its value during the crisis and many investors lost money.

Binance has taken preemptive measures to make sure BFUSD doesn’t fall into the same controversy. By clarifying that BFUSD is not pegged to any asset, they hope to avoid the pitfalls of algorithmic stablecoins.

Binance BFUSD Community Reaction  is still split. Some traders love the high yield, others hate new products. In this case transparency will be key for Binance and thus BFUSD.

'Not a Stablecoin', Binance BFUSD concerns addressed after Terra stablecoin comparisons
‘Not a Stablecoin’, Binance BFUSD concerns addressed after Terra stablecoin comparisons

Veteran Bitcoiner Jameson Lopp who has been through many cycles said, “The key will be if Binance can deliver without overextending its business model”

Conclusion 

Binance BFUSD is a new product in their ecosystem, allowing traders to earn rewards non-custodial. But the Terra comparison reminds us two very important things: clarity and sustainability is key in crypto. With BFUSD coming out soon, they need to walk the tightrope between a very sceptical community and a very high bar as a global exchange.

Stay updated with Turkishnyradio as we’re available around the clock, providing you with updated information about the state of the crypto world.

Tags: BinanceBinance BFUSDstablecoinTerra
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