21co chain analyst Tom Wan posted on social media X (formerly Twitter) that Paxos will stop supporting BUSD in February 2024.
The obvious beneficiary will be FDUSD, a stablecoin issued by First Digital Labs, and Binance will allow users to convert BUSD to FDUSD 1:1.
Due to its integration with Binance, FDUSD has become the ninth largest stablecoin with a market capitalization of $394 million. The exit of BUSD will be another catalyst for the growth of FDUSD.