{"id":301965,"date":"2023-02-22T18:49:57","date_gmt":"2023-02-22T18:49:57","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=301965"},"modified":"2023-02-22T18:53:42","modified_gmt":"2023-02-22T18:53:42","slug":"binance-to-burn-2b-idle-busd-on-feb-22","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-to-burn-2b-idle-busd-on-feb-22\/","title":{"rendered":"Binance to burn $2B idle BUSD on Feb. 22"},"content":{"rendered":"

Binance<\/a> announced<\/a> that it would burn $2 billion worth of idle Binance USD (BUSD<\/a>) on BNB Chain “later today” on Feb. 22 at 12:07 UTC.<\/p>\n

The same amount of BUSD held as a collateral on the Ethereum (ETH<\/a>) chain will be released after the burn.<\/p>\n

The BUSD marketcap recorded a 15% drop<\/a> and saw its 14-month low at $13.7 billion on Feb. 17. Binance CEO Changpeng Zhao (CZ<\/a>) noticed the drop and stated that the “landscape is shifting.”<\/p>\n

He said:<\/p>\n

\u201cBUSD market cap dropped -$2.45B (from 16.1B to 13.7B as of now), and most of it has moved to USDT.<\/span><\/p>\n

USDT marketcap + 2.37B (From 67.8B to 70.1B)<\/span><\/p>\n

USDC also declined -739M (from 42.3B to 41.5B).\u201d<\/span><\/p><\/blockquote>\n

This was four days after the Securities and Exchange Comission (SEC) issued a warning to BUSD issuer Paxos<\/a> on Feb. 13 and asked them to stop further BUSD creation. Between Feb. 13 and Feb. 17, Binance's BUSD holdings fell<\/a> by 16% and dropped to around 12.1 billion tokens.<\/p>\n

The burn still hasn't commenced at the time of writing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance announced that it would burn $2 billion worth of idle Binance USD (BUSD) on BNB Chain “later today” on Feb. 22 at 12:07 UTC. The same amount of BUSD held as a collateral on the Ethereum (ETH) chain will be released after the burn. The BUSD marketcap recorded a 15% drop and saw its […]<\/p>\n","protected":false},"author":1262,"featured_media":300316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nBinance to burn $2B idle BUSD on Feb. 22<\/title>\n<meta name=\"description\" content=\"The BUSD collateral on the Ethereum network will be released after the burn.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-to-burn-2b-idle-busd-on-feb-22\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance to burn $2B idle BUSD on Feb. 22\" \/>\n<meta property=\"og:description\" content=\"The BUSD collateral on the Ethereum network will be released after the burn.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/binance-to-burn-2b-idle-busd-on-feb-22\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-22T18:49:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-22T18:53:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/busd-1-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Zeynep Geylan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zeynep Geylan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/binance-to-burn-2b-idle-busd-on-feb-22\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/binance-to-burn-2b-idle-busd-on-feb-22\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#person\",\"name\":\"Zeynep Geylan\",\"url\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"caption\":\"Zeynep Geylan\"},\"jobTitle\":\"Journalist\",\"description\":\"Zeynep is an academic who turned to crypto in 2018. 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