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Binance broadened support for WLFI’s USD1 stablecoin this week, adding new trading pairs and moving to back its BUSD-pegged token with USD1 instead.
What’s the Scoop?
- New pairs: Binance listed BNB/USD1, ETH/USD1 and SOL/USD1, giving traders more direct access to USD1 markets. Users can now exchange USD1 with USDC and USDT at no cost, streamlining migration across major stablecoins.
- Collateral shift: The exchange is converting all reserves supporting its BUSD-pegged B-Token into USD1, a process expected to wrap within seven days. USD1 will then serve as collateral across Binance’s internal systems, including margin and liquidity operations.
- Market context: USD1 is backed by U.S. Treasuries, cash and equivalents, and holds a $2.7 billion market cap. It previously drew attention after Abu Dhabi’s MGX used it to settle a $2 billion investment into Binance.
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