Zero

Reserve

<ul class="wp-block-list">
 <li>Binance launches BFUSD, a reward-bearing asset offering returns up to 19.55% for futures traders starting November 27.</li>  
 <li>BFUSD rewards users for holding in futures accounts, offering a stable investment with two APYs based on trading activity.</li>  
 <li>Binance promotes BFUSD with zero purchase fees and $100K in token vouchers, enticing early adopters despite ongoing legal issues.</li> 
</ul>  
<p>Binance, the largest cryptocurrency exchange in the world, <a href="https://t.co/TG6Gox0rMf" target="_blank" rel="noopener noreferrer nofollow">launched</a> its new reward-bearing asset, BFUSD, on November 26. The asset offers returns on qualifying balances in users' futures accounts, with yields reaching up to 19.55%.&nbsp;</p>  
<p>Starting from 2 AM UTC on November 27, users can purchase BFUSD, which can also be used as a margin in Binance’s multi-asset mode while still earning rewards. The launch offers a new opportunity for traders seeking stable returns in the volatile crypto market.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/binance/status/1861321719073644793
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-key-features-of-bfusd">Key Features of BFUSD</h2>  
<p>BFUSD allows users to earn rewards by holding the asset in their future accounts. The asset is redeemable for USD stablecoins, offering a stable solution for users in the crypto market. Furthermore, it comes with two reward rates, a base APY of 29.18% and a boosted APY of 38.98%, depending on users' VIP levels and trading activity. Binance has set a supply cap of 120 million BFUSD, with a collateralized percentage of 101.32%. The interest payments from this asset will be distributed daily to users' UM Futures accounts.</p>  
<p>Additionally, BFUSD serves as a margin for trading USD-M contracts in multi-asset mode. This feature allows users to access leveraged trading while benefiting from the rewards associated with holding the asset. Binance has also implemented a <a href="https://www.binance.com/en/blog/futures/introducing-bfusd-binances-exclusive-rewardbearing-margin-asset-for-futures-traders-2700326932768419245" target="_blank" rel="noopener noreferrer nofollow">BFUSD Reserve Fund</a> to cover potential costs and support the Collateral Pool and Hedging Portfolio.</p>  
<h2 class="wp-block-heading" id="h-risks-and-benefits-of-bfusd">Risks and Benefits of BFUSD</h2>  
<p>While BFUSD offers significant rewards, it also comes with certain risks. These include negative funding rates and <a href="https://cryptonewsland.com/sec-chair-gensler-once-offered-advisor-role-to-binance-claims-lawyers/" target="_blank" rel="noopener noreferrer nofollow">exposure to Binance's credit risk</a>. Users may also face redemption failure and potential fees. However, the asset remains a promising tool for traders looking for a stable investment amid market fluctuations.</p>  
<p>Moreover, Binance has launched a <a href="https://cryptonewsland.com/floki-launches-bullish-crypto-adoption-campaign-in-nigeria-can-floki-price-surpass-1-this-cycle/" target="_blank" rel="noopener noreferrer nofollow">promotional campaign for early adopters</a>, offering zero purchase fees and 100,000 USDT in token vouchers. This initiative encourages users to engage with BFUSD early on.</p>  
<h2 class="wp-block-heading" id="h-binance-faces-legal-challenges">Binance Faces Legal Challenges</h2>  
<p><a href="https://cryptonewsland.com/biden-thanks-nigerias-tinubu-for-release-of-detained-binance-executive/" target="_blank" rel="noopener noreferrer nofollow">Binance is dealing with legal issues in Nigeria</a> in addition to the debut of its new product. The Economic and Financial Crimes Commission has changed its allegations in a $35.4 million money laundering probe against Binance.&nbsp;</p>  
<p>The charges, which pertain to purportedly unlawful financial practices, are still pending court resolution. Despite this, Binance continues to expand its offerings, including the BFUSD launch, which strengthens its market presence.</p> 
<p>The post <a href="https://cryptonewsland.com/binance-launches-bfusd-reward-asset-with/" rel="noopener noreferrer nofollow">Binance Launches BFUSD, Reward Asset with Up to 38.98% APY &amp; Zero Fees for Early Adopters</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Binance Launches BFUSD, Reward Asset with Up to 38.98% APY & Zero Fees for Early Adopters

Table of Contents

Crypto News Land

Other articles published on Nov 26, 2024

Ripple and Archax Collaborate to Tokenize Major Liquidity Fund

Donald Trump’s Crypto Portfolio Triples in Value Over Three Months!

CEO of the Company that Made 1000x Profit on Bitcoin Reveals BTC Price Target

Why Is the Global Crypto Market Down Today?

NEAR Protocol to Build World’s Largest Open-Source AI Model with 1.4T Parameters

Swan Bitcoin sues law firm for picking up Tether as client

Join our free newsletter for daily crypto updates!