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Binance Ends Support for BUSD Stablecoin: What It Means for Users and the Future of Stablecoins

Binance, one of the largest cryptocurrency exchanges in the world, has made the decision to end support for its Binance USD (BUSD) stablecoin. This move comes after Paxos, the company responsible for minting new BUSD coins, announced that it would be halting its operations. The transition is set to take place on December 15th, and it will have significant implications for users of the BUSD stablecoin. Automatic Conversion to First Digital USD Starting on December 31st, many users' BUSD balances on Binance will be automatically converted into First Digital USD. This conversion will take place seamlessly, and users will not be required to take any action. The transition is designed to ensure a smooth and uninterrupted experience for BUSD users. Implications for BUSD Users While the automatic conversion should minimize any disruption for BUSD users, it is important for them to be aware of the implications of this change. Once their BUSD balances are converted into First Digital US

VanEck Launches Ethereum Strategy ETF on CBOE: A New Era for ETH Investors

Investment management firm VanEck has announced that its Ethereum Strategy ETF, which will trade under the ticker EFUT, is set to begin trading on October 2nd. The ETF will focus on investing in ether futures contracts and will not have any direct exposure to ETH itself. Instead, it will offer exposure to cash-settled ETH futures contracts traded on regulated commodities exchanges. VanEck is also highlighting the benefits of the product's C Corp structure, which includes tax advantages for long-term investors compared to registered investment company structures. In addition, VanEck has been promoting the launch of the ETH spot ETF on its social media platforms, with themed TV commercials. The firm has also announced its intention to donate 10% of all profits from the ETF to Ethereum core developers over the next decade. Meanwhile, Bitwise Asset Management has confirmed that trading for its two Ether futures ETFs will also begin on October 2nd, giving investors access to ETH futures trading on the Chicago Mercantile Exchange.


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