Binance has introduced a new stablecoin called BFUSD intended for high-yield earnings and to act as collateral for trading and borrowing. This stablecoin comes with an APY of 19.55%, making it a fantastic alternative to traditional stablecoins. A user just needs to keep the BFUSD in the UM wallets to get daily rewards without even staging or locking funds. BFUSD keeps stability with a 105.54% collateralization ratio and a reserve fund holding 1.1 million USDT as of November 17, 2024.
Binance Launches BFUSD Stablecoin: High Yield, Collateral Options, and Daily Rewards
Binance has just introduced a new stablecoin, BFUSD, claiming an annual percentage yield of about 19.55% in return. In total, it supplies 20 million BFUSD to make users earn seamlessly without going for staking or locking up their funds.
Users can hold BFUSD in their UM wallet and obtain airdropped rewards daily. Also, Binance calculates interest based on the lowest hourly BFUSD balance in the user’s account, captured through hourly snapshots. Nevertheless, it credits rewards daily to the UM Futures account, viewable under Reward History.
The new Binance BFUSD stablecoin has some offerings for its users. For one, it gives them hassle-free earnings; just having the BFUSD in the accounts gives one rewards daily. With a 19.55% APY, it outpaces the returns of many other stablecoins and presents a great deal for the investors. Furthermore, BFUSD can be used as collateral in Multi-Asset Mode with a collateral ratio of 100%, which increases the trading capacity of users.
Stablecoins are being extremely popular nowadays. Just recently, Quantoz, a Netherlands-based financial technology company, has launched two MiCAR-compliant stablecoins with the help of Tether technology. EURQ and USDQ aim to revolutionize financial transactions in Europe.
Lately, the exchange has been expanding its offerings by supporting the native token of a decentralized fiat stablecoin issuer. Through Binance Launchpool, users can stake coins to farm USUAL, the native token of the platform’s 61st project. USUAL aims to reshape protocol ownership and governance, aligning with its vision for decentralized stablecoin management. Furthermore, this initiative underscores the company’s commitment to fostering innovative projects in the stablecoin ecosystem.
Rewarding VIPs with High-Yield BFUSD Stablecoin
Binance has introduced BFUSD, each with unique features designed to maximize user benefit and encourage more stablecoin adoption. Each user’s quota for holding BFUSD will be linked to their VIP level. Purchases are only open for USDT transfers into the UM wallet, and users have to trade every day to activate the reward mechanism and maximize their earnings.
The strong collateralization ratio of 105.54% ensures stability in BFUSD. As of November 17, 2024, it holds 1.1 million USD in the reserve fund, which adds more credibility to the asset. While the Main Account users can use the program fully, MiCA and PM users are restricted to only redeeming BFUSD without rewards.
This has kept BUSD’s market capitalization at $68.31 million. On the other hand, the announcement of BFUSD drove the price of BNB up to $617.20. With BFUSD, the exchange is further cementing its role as a crypto innovator by providing high-yield opportunities while making further improvements in the stablecoin ecosystem.
The post Binance Introduces High-Yield BFUSD Stablecoin appeared first on CoinGape.
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