BFUSD

BFUSD is a reward-bearing dollar balance on Binance that is used as margin for futures trading.

BFUSD is a product of the Binance exchange. Binance calls it a reward-bearing margin asset and says it is not a stablecoin. Users buy it with USD stablecoins at 1:1 and can redeem it back at 1:1. It launched on 27 November 2024, first only for futures traders. In August 2025 it moved to Binance Earn and can now be held in spot, futures and earn accounts.

BFUSD does not exist on a blockchain. It is a balance on Binance’s internal ledger: it cannot be sent to an outside wallet or traded on the open market. On 27 September 2026 about 1.32 billion BFUSD existed, worth about US$1.32 billion.

Holders receive a daily reward in USD stablecoin. Binance funds it from a delta-neutral strategy: it buys crypto on the spot market, shorts the same amount in futures and collects the funding fees that futures traders pay. It also uses staking and unnamed “liquid stablecoins”. Binance sets the rate each day at its own discretion; the rate can fall to zero but never below it, and a reserve fund covers periods of negative funding.

The main use of BFUSD is as collateral for leveraged futures trading on Binance, where it counts at close to 100% of its value. Binance publishes a collateral value ratio of 99.9% for the reserve, but no independent audit of the BFUSD pool was found.