Binance Integrates USD1 Stablecoin, Enhancing Trading Options
- Binance is launching new trading pairs for USD1, including BNB/USD1, ETH/USD1, and SOL/USD1.
- The exchange will convert all reserves of its BUSD-pegged token into USD1 within seven days.
- USD1 is fully backed by U.S. Treasury bills and has a market capitalization of $2.7 billion, ranking sixth among stablecoins.
- Users can exchange USD1 with USDC and USDT without any fees.
- This move follows the pardon granted to Binance founder Changpeng Zhao by Donald Trump in October.
The integration of USD1 into Binance’s platform allows for expanded trading options while enhancing liquidity through its backing with U.S. Treasury assets. This strategic shift also reflects ongoing developments in the stablecoin market amid regulatory scrutiny.
With a market cap of $2.7 billion, the addition of USD1 as collateral marks a significant change for Binance’s infrastructure and trading capabilities.(Source)
