Coin An announced the destruction of idle BUSD tokens. Coin An announced that after ceasing support for stable coins, it will destroy multiple idle BUSD tokens linked to Coin An on the chain
Coin An announced the destruction of idle BUSD tokens. Coin An announced that after ceasing support for stable coins, it will destroy multiple idle BUSD tokens linked to Coin An on the chain. Coin An has gradually cut off its connection with its stable coin BUSD. Previously, it had repeatedly announced the delisting of BUSD trading pairs.
Coin An Destroys Tokens on Four Networks
The cryptocurrency exchange announced on X (Twitter) that:
Later today (Thursday), Coin On will destroy some idle Coin On linked tokens.
Then the equivalent amount of tokens used as collateral on their local network will be released
In addition to the BUSD currency, the exchange will also remove the TUSD currency pair from the shelves. The exchange will destroy the following tokens and release their collateral on the local chain:
- BSC
- BUSD (Matic)
- BUSD (BSC)
- BUSD (BNB)
- BUSD (TRX)
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Coin An issues Coin An linked tokens to facilitate the use of other blockchain tokens on the BNB chain. BeInCrypto previously explained:
Exchanges should only issue B-tokens after storing 100% of the original token's collateral. For example, for every 100 B-USDCs, there must be 100 USDCs as collateral
The community thanks Coin An for its transparency.
This progress comes as the exchange announced the demise of BUSD after the issuer Paxos stopped minting stable coins. Previously, on August 30th, BeInCrypto reported that the exchange had delisted 8 BUSD trading pairs.
In another development, Coin An has updated its statutory liquidity provider plan to issue rebates based on the previous week's performance. As of the writing of this article, the trading price of BNB was $212.70, which has only fallen by 0.04% in the past 24 hours.
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