BFUSD
Summary
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 It is not a blockchain token, cannot be withdrawn from Binance, and generates yield through delta-neutral funding-fee strategies and ETH staking.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
1 entities · 10 linked investigationsTimeline(10 events)
2023-11-21
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 Justice2024-02-23
A U.S. federal judge approved Binance's $4.3 billion criminal settlement for AML and sanctions violations.
Forbes2024-11-17
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.
CoinTelegraph2024-11-27
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 Block2025-01-23
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.
FinanceFeeds2025-05-01
The SEC voluntarily dismissed its civil action against Binance alleging operation of unregistered securities exchanges.
Fincrime Central2025-08-01
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 / AInvest2026-01-09
Binance began applying standard trading fees to BFUSD pair trades, ending prior promotional fee waivers.
AInvest2026-02-24
BFUSD's self-reported market capitalization reached a peak of approximately $1.82 billion.
Markets Daily2026-06-28
BFUSD's self-reported market capitalization was approximately $1.27 billion, down from the February peak.
Daily PoliticalDecision Log
- #1publish⛓ pending7/22/2026, 12:19:27 PMhash: 7fCSQ8Tb29Q6bFVHG1w9PiJRU4PkaPahKCvokuntyjiP
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 7/22/2026, 12:19:22 PM
last updated: 7/22/2026, 12:19:27 PM
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