BFUSD
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anchored·2poEoe…wHENSummary
BFUSD is a reward-bearing margin asset launched by Binance Futures in November 2024, designed exclusively for use as collateral in USDT-M Futures trading. It is not a blockchain token, cannot be withdrawn from Binance, and generates yield through delta-neutral funding-fee strategies and ETH staking. While Binance maintains a reserve fund and transparency dashboard, the product carries significant concentrated counterparty risk tied to Binance's centralized custody model and its operator's prior criminal guilty plea on AML charges in 2023.
Connected Entities
6 entities · 60 linked investigations- BFUSD→mentioned with→Terra/Luna(70%)
- Anchor Protocol→mentioned with→Terraform Labs(80%)
- BFUSD→mentioned with→Terraform Labs(80%)
- BFUSD→mentioned with→Anchor Protocol(80%)
- BFUSD→mentioned with→Changpeng Zhao(80%)
- Terra/Luna→mentioned with→Anchor Protocol(80%)
- Terra/Luna→mentioned with→Terraform Labs(80%)
- Terraform Labs→mentioned with→Anchor Protocol(80%)
- Binance→mentioned with→Changpeng Zhao(80%)
- Anchor Protocol→mentioned with→Terra/Luna(70%)
- + 2 more
Connected Through
5 shared actors · 528 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Binanceorganization
- □Terra/Lunaorganization
- □Changpeng Zhaoorganization
- □Terraform Labsorganization
Timeline(10 events)
21 November 2023
Binance Holdings Limited pleaded guilty to federal criminal charges in the U.S., agreeing to pay over $4.3 billion in penalties for AML, BSA, and IEEPA violations. CEO Changpeng Zhao resigned and pleaded guilty personally.
U.S. Department of Justice23 February 2024
A U.S. federal judge approved Binance's $4.3 billion criminal settlement for AML and sanctions violations.
Forbes17 November 2024
Binance publicly announced BFUSD, describing it as a reward-bearing margin asset for futures traders. Community reaction included immediate comparisons to TerraUSD's ill-fated 20% Anchor Protocol yield.
CoinTelegraph27 November 2024
BFUSD became available for purchase on Binance at 02:00 UTC, with an initial advertised base APY and boosted APY calculated from back-tested data spanning November 20-25, 2024.
The Block23 January 2025
Binance expanded BFUSD features to include USDC support for purchases and redemptions, Pre-Buy/Pre-Redeem functions, and enhanced transparency metrics including Protocol APY breakdown and solvency charts. Circulation stood at approximately 760 million BFUSD.
FinanceFeedsMay 2025
The SEC voluntarily dismissed its civil action against Binance alleging operation of unregistered securities exchanges.
Fincrime CentralAugust 2025
BFUSD system collateralization ratio was reported at approximately 100.86%, with the indicative APR having declined to approximately 3% from the initial ~20% range, reflecting normalized crypto funding rates.
IQ.wiki / AInvest9 January 2026
Binance began applying standard trading fees to BFUSD pair trades, ending prior promotional fee waivers.
AInvest24 February 2026
BFUSD's self-reported market capitalization reached a peak of approximately $1.82 billion.
Markets Daily28 June 2026
BFUSD's self-reported market capitalization was approximately $1.27 billion, down from the February peak.
Daily PoliticalDecision Log
- slot 457991584 · hash BtWCzvbMK2hWRUoMdN5dyq87QaCqdPhi922kHyCMRhNL
- slot 443524611 · hash 736oaC7VeGgkoN5h6YM84636LiLRzjLCcHAsmiBqLzFL
- slot 443524608 · hash FdTTCWWepr5JwMQEBdP98Ss29P2Mg2e9Bh3VDbfQEJQy
- slot 443501350 · hash 7fCSQ8Tb29Q6bFVHG1w9PiJRU4PkaPahKCvokuntyjiP
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 16 of 17 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 7/22/2026, 12:19:22 PM
last updated: 8/27/2026, 7:08:48 AM
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