Quiver Trade has announced it will cease support and remove the BUSD stablecoin from its platform, beginning September 4th, 2023.
This decision comes after the recent announcement that BUSD issuer Binance plans to wind down the stablecoin entirely by February 2024. As BUSD enters its sunset period, Quiver aims to smoothly transition its users away from the asset.
Launched in 2019, BUSD emerged as one of the largest and most adopted stablecoins in the cryptocurrency industry. Its popularity skyrocketed in tandem with the meteoric growth of Binance into the world's leading digital asset exchange.
For years, BUSD served as a pillar asset within the Binance ecosystem. Its peg to the U.S. dollar made it a go-to stablecoin for crypto traders seeking to hedge against market volatility.
However, Binance’s recent announcement took the industry by surprise, citing regulatory headwinds as motivation to shift focus to a new and regulated stablecoin. BUSD’s removal will mark the end of an era, but also make way for the next generation of cryptocurrency innovation.
To aid the transition, Quiver has established a two week notice period for users to withdraw any BUSD funds from the platform. You can easily swap your BUSD to other stablecoin assets if you wish to maintain dollar-pegged balances on Quiver.
After the two week notice elapses on (date), the BUSD option will be permanently disabled on Quiver. Any remaining BUSD balances will be automatically converted to USDC at the prevailing 1:1 rate.
Please withdraw or swap your BUSD starting today if you need external access to those funds, as automatic conversion to USDC will lock them into the Quiver ecosystem.
Quiver will continue working to make this transition as smooth as possible for all users. Binance’s BUSD may be closing down, but plenty of stability and innovation still lies ahead.
The team is focused on rapidly integrating support and adoption for rising second-generation stablecoins like USDC, DAI, and USDP. Quiver also plans to take advantage of this opportunity to upgrade its core trading infrastructure.
On behalf of the entire Quiver community, thank you for your understanding during this shift. The platform’s dedication to its users remains stronger than ever. If you have any concerns regarding the BUSD migration period, feel free to join or open a discussion over at our Discord community channel and our team will gladly assist you. For continued updates, be sure to follow Quiver's official Twitter account and don’t forget to subscribe to our blog site.
The future remains bright, with Quiver at the forefront driving mainstream cryptocurrency adoption. While BUSD’s sun may be setting, a new dawn for crypto finance is just beginning.