#usd1 Binance has recently listed a new stablecoin called "World Liberty Financial USD (USD1)." This listing is being seen as a potential challenge to established stablecoins like Tether (USDT) and USD Coin (USDC), especially given its focus on regulatory compliance and institutional backing. It also comes at a time when stablecoin regulation is gaining momentum in the U.S. Senate.
Important Note on BUSD:
It's also crucial to be aware that Binance has been phasing out support for its own stablecoin, Binance USD (BUSD). This decision followed an order from the New York Department of Financial Services to Paxos (the issuer of BUSD) to halt minting new BUSD tokens in February 2023. Binance ceased support for BUSD products around December 15, 2023, and encouraged users to convert their BUSD holdings to other stablecoins like FDUSD.
So, while "USD1" might be a new and interesting stablecoin on Binance, be mindful that Binance is also transitioning away from its former primary stablecoin, BUSD.