Binance's Stablecoin Ambition: The Three-Step Leap from BUSD → FDUSD → U For years, Tether and Circle have never issued native stablecoins on the BNB Chain. As the second-largest smart contract blockchain by market cap after Ethereum, BNB Chain needs its own native stablecoin to gather and stir up greater liquidity. Now, it seems like the main character might just be U. When we casually talk about USDT or USDC, we often just call them U. From this perspective, the name $U is pretty clever. It’s like if Sina Weibo suddenly declared one day, “I am *the* Weibo, and no other Weibo matters.” As the largest exchange, Binance has always placed great importance on stablecoins, and this journey has gone through three stages: ◦ **BUSD**: A Binance-branded native stablecoin created in collaboration with Paxos. It grew to a decent size and even became the third-largest in the industry at one point. However, in 2023, regulatory bodies like NYDFS and the SEC cracked down on Paxos, cutting off BUSD’s minting capabilities. ◦ **FDUSD**: After BUSD was forced to phase out, Binance supported Hong Kong-based First Digital in launching FDUSD, which partially absorbed the liquidity left behind by BUSD’s exit. FDUSD holders could also participate in Launchpool and other financial products. However, due to regulatory and ecosystem constraints, its growth was limited. ◦ **$U**: Launched in 2025, $U aggregated liquidity from other stablecoins and quickly gained strong support from @binancezh and @BNBChain. Its integration with ecosystem projects like PancakeSwap and Venus happened at lightning speed. With EIP-3009 zero gas authorization, transferring $U on-chain doesn’t require BNB as gas fees. Currently, its circulating supply is over $400 million, though it’s still relatively small in scale. Binance is accelerating its support for U. This afternoon, U/USDT and U/USDC trading pairs will go live, with zero fees for both makers and takers. Yesterday, after this announcement, Binance delisted 15 FDUSD-related trading pairs. It’s clear that liquidity is shifting and consolidating. @cz_binance @heyibinance