Binance Futures introduces updates for BFUSD users
Binance Futures adds USDC support for BFUSD
Binance Futures has announced a series of updates aimed at improving the BFUSD trading experience. These changes will be implemented on both the Binance website and app starting January 22, 2025 (UTC).
These updates are designed to enhance functionality, transparency, and user options, according to Binance's official announcement.
USDC support for BFUSD
A significant update is the introduction of USDC support for purchasing BFUSD, in addition to the existing USDT option. Users can now redeem their BFUSD assets for either USDC or USDT. It is important to note that transaction fees may apply for both purchases and redemptions. Starting January 23, 2025, all daily BFUSD rewards, including Base and Boosted rewards, will be issued exclusively in USDC, regardless of whether the original BFUSD purchase was made using USDT or USDC.
Pre-Buy and Pre-Redeem features
Binance Futures has introduced Pre-Buy and Pre-Redeem functionalities to address situations where there may be insufficient supply of BFUSD, USDT, or USDC.
Pre-Buy: Users can reserve BFUSD by depositing USDT or USDC in advance when BFUSD is unavailable. Once the supply is replenished, users automatically receive their allocated BFUSD.
Pre-Redeem: Similarly, users can reserve USDT or USDC by depositing BFUSD when these currencies are in limited supply. Upon availability, users will receive their reserved USDT or USDC.
These features aim to ensure a seamless user experience even during periods of high demand or limited liquidity.
Enhanced transparency with new metrics
Binance Futures has introduced additional data metrics on the BFUSD page to increase transparency and provide users with a clearer understanding of system performance.
New features include:
Protocol APY: A historical chart showing Total APY derived from Derivatives APY and Earn APY.
Solvency data: New charts displaying the Total BFUSD Supply Trend and System Collateralized Trend.
Transparency: A detailed summary of BFUSD’s Backing Notional, including holdings and positions.
These updates give users deeper insights into the financial mechanics underpinning BFUSD.
How to access BFUSD on Binance
To purchase BFUSD, users can log in to their Binance accounts, navigate to the BFUSD page under the Futures section, and complete the transaction by entering the desired amount and accepting the terms. A similar process is available on the Binance app.
These updates reflect Binance Futures' commitment to enhancing user experience and maintaining transparency in the dynamic cryptocurrency market.
