Binance enhances BFUSD with USDC support, new purchase options, Pre-Buy and Pre-Redeem features, and increased transparency metrics.
Binance Futures has announced new updates to its BFUSD, including support for USDC USDC $1.00 24h volatility: 0.0% Market cap: $78.17 B Vol. 24h: $12.37 B . These updates will be effective from January 22 on both the Binance app and website. The exchange noted that the updates are designed to enhance user experience while offering trading flexibility.
The exchange revealed the addition of USDC as a new option for purchasing BFUSD, alongside USDT USDT $1.00 24h volatility: 0.0% Market cap: $185.55 B Vol. 24h: $83.78 B . Users can exchange USDT or USDC from their BFUSD holdings, though fees may apply for these transactions. Starting January 23, daily BFUSD rewards, including both Base and Boosted rewards, will be issued in USDC, regardless of whether the BFUSD was purchased with USDT or USDC. The exchange stated:
“From 2025-01-23 (UTC), BFUSD daily rewards including Base and Boosted rewards will be routinely issued in USDC. This applies to all BFUSD rewards, regardless of whether the BFUSD was purchased with USDT or USDC.”
Pre-Buy and Pre-Redeem Features to Address Supply Shortages
To address the potential insufficient supply of BFUSD, USDT, or USDC, Binance has introduced Pre-Buy and Pre-Redeem options. With Pre-Buy, users can reserve BFUSD in advance by depositing USDT or USDC when supply is insufficient. Once BFUSD supply is restocked, users will receive their reserved BFUSD. Similarly, the Pre-Redeem function allows users to reserve USDT or USDC by depositing BFUSD, ensuring they can redeem the stablecoins once available. Binance wrote:
“When there is not enough USDT or USDC available for redemption, users can click on [Pre-Redeem] and deposit BFUSD in advance to reserve USDT or USDC. When USDT or USDC supply is replenished, users who have deposited BFUSD in advance will receive their USDT or USDC allocation.”
Enhanced Transparency with New Data Metrics on BFUSD
To provide better transparency, Binance has added new data metrics on the BFUSD page. These updates include a historical chart showing the total annual percentage yield (APY) from both derivatives and earn APY. Additionally, new charts for the total BFUSD supply trend and system collateralized trend offer valuable insight into the BFUSD ecosystem. A detailed summary of BFUSD’s backing, including holdings and positions, has also been made available for users seeking more information about the product’s stability.
Users can purchase BFUSD easily on both the Binance website and app. The new upgrade has been praised by many Binance users, with some calling it a major improvement. The exchange launched BFUSD in November to allow users to earn passively either by holding it or trading futures with it. BFUSD targets Binance Futures users and cannot be used outside the platform’s ecosystem.
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