BUSD, the Binance-backed and -issued US Dollar stablecoin, is scheduled to sunset in 2024.
If you have not been closely following recent developments and still hold a BUSD balance, you might be concerned about the future implications for your savings.
Now, the natural questions arise:
- Are my BUSD lost?
- How much time do I have left to avoid losing my funds?
- …and what is the best course of action to protect my cryptocurrency assets?
Are my BUSD lost?
At the time of publishing this article, you still have the opportunity to convert your remaining BUSD into other crypto assets.
While BitcoinVN has already delisted all swap pairs related to BUSD in anticipation of its upcoming end, the Binance platform itself still allows for a one-way conversion.
If you need assistance navigating the conversion of your remaining BUSD and you are a client of the BitcoinVN OTC desk, we will be able to assist you in converting your remaining BUSD in a safe, privacy-preserving, and security-oriented manner.
How much time do I have left to take action?
We highly recommend taking action sooner rather than later.
While no definite end date for BUSD convertibility has been announced, it could happen sooner than anticipated, making any conversion to more liquid assets significantly more difficult.
“Lazy hands make for poverty, but diligent hands bring wealth”
Proverbs 10:4
What is the best course of action in general to protect my cryptocurrency assets?
Besides the obvious point that it is not an intelligent move to keep assets with an uncertain future for the long term, keep in mind that a stablecoin’s redeemability is highly dependent on the situation of the issuer.
The stability you gain from holding your assets in stablecoins comes at the cost of introducing counterparty risk.
Furthermore, you should aim to keep any funds you do not intend to utilize in the near term in proper cold storage and to control your own keys.
If you are based in Vietnam, we have all the common tools available from Ledger, Trezor, to the more niche products of various Bitcoin-only hardware wallets for direct delivery from our warehouse in Vietnam.
