How BFUSD holds its peg

BFUSD isn't on a blockchain. It's a balance in Binance's own books: you swap USDT for it one for one, Binance runs hedged trades with the money, pays you a daily reward in USDT, and lets you use BFUSD as futures margin.

Read how it works

Click a step on the right, or use the arrow keys, to jump to it. Move your mouse to shift the view.

BFUSD/USDT on Binance spot, live

Reading Binance's market data…

Supply changes

    BFUSD balances USDT, into and out of the collateral pool BFUSD being redeemed backing: hedged positions and staked ETH (no breakdown published)
    Supply by chain Reading supplies…
    How this is read

    All BFUSD sits in Binance's internal ledger, so there's one row: the circulating supply in Binance's public price feed (the figure CoinMarketCap also shows), read every five minutes. It's Binance's own number; no outside party checks it. Use the arrow keys to read each row.

    BFUSD supply by ledger
    LedgerSupplyShareRead at
    Minted and burned
    • subscribed, up
    • redeemed, down

    Use the left and right arrow keys to read each column. In live mode each column is half an hour, and shows the net change in Binance's published supply since you connected.

    BFUSD subscribed and redeemed in each recent period
    PeriodMintedBurnedNet
    What just happened (illustrative) 0 BFUSD in circulation 0 in reserve 0 minted 0 burned 0 chains shown

      The parts that make this work

      A dollar balance at Binance that earns

      BFUSD is issued by Binance for use on Binance. Binance calls it a "reward-bearing asset redeemable for USD stablecoin", not a stablecoin: you swap USDT or USDC for it one for one, it earns a daily reward, and it counts as margin for futures. It started with a capped pre-launch in mid-November 2024 and opened to eligible Binance Futures users on November 27, 2024; it isn't offered in some countries, the United States among them. On August 14, 2025 it moved into Binance Simple Earn, so no Futures account is needed, and a BFUSD/USDT spot market opened the day before.

      Binance's public price feed and CoinMarketCap both put the supply at 1,867,469,492 BFUSD on October 1, 2026, up from about 1.22 B in mid-August. CoinGecko still shows 1.32 B, a figure that hasn't changed since October 2025, so the market panel above, which reads CoinGecko, understates it.

      Not on a blockchain

      Binance says plainly that BFUSD is "not a blockchain-based token and cannot be transferred outside the Binance platform". There's no contract to read and nothing to settle: subscribing, moving BFUSD between accounts and redeeming are all entries in Binance's internal ledger. That's why this page has one island, Binance's books, instead of chains.

      Two token contracts on BNB Chain call themselves "Big Foot USD" (bfUSD). On October 1, 2026 one had a supply of about 2.53 M and the other under 2 tokens, and neither had moved for hours. Binance doesn't link to either, and they aren't BFUSD. Treat any token offered as BFUSD outside Binance with suspicion.

      Subscribing and redeeming

      Any eligible Binance user can subscribe in Simple Earn or buy BFUSD on the BFUSD/USDT and BFUSD/USDC spot markets. Subscription and redemption are one for one, with a fee Binance sets; Binance Academy put it at about 0.1 % each way in June 2026. There are two ways out: a fast redemption, and a standard one that pays out later, each with its own fee and daily quota.

      BFUSD's terms let Binance delay or suspend redemptions "for a period of up to 7 consecutive calendar days" at its discretion. What holds the price near $1 is that promise to redeem at par, and the spot market's traders, who buy below $1 and redeem. In live mode the panel on the left shows that market.

      What backs BFUSD

      Binance uses the money from BFUSD sales for two strategies, both run on its own platform. One is delta-neutral hedging: hold a coin on spot and short the same amount in perpetual futures, so the price moves cancel and the funding paid by longs to shorts is the income. The other is staking, for example ETH staked through Binance Earn as WBETH. Binance calls the assets behind BFUSD the "BFUSD Collateral Pool" and the trades the "BFUSD Hedging Portfolio".

      Binance shows a "system collateralisation" ratio and the reserve fund on its BFUSD page, to signed-in users only, and doesn't publish what's in the pool, where it's held, or an outside attestation. The last public figures we found were a ratio of 105.54 % on November 17, 2024 and a reserve fund of 7.2 M USDT in January 2025. The vault in the animation is drawn at 1:1 with the October 1, 2026 supply and is an assumption, not a report.

      Binance's monthly proof of reserves shows that it holds its users' BTC, ETH, USDT and other listed assets. We found no BFUSD figure in it, and it doesn't show the hedges.

      Sources: Binance FAQ: what is BFUSD; Binance Academy: what is BFUSD (updated June 25, 2026); BFUSD terms (updated September 15, 2025); Binance proof of reserves; supply from Binance's price feed and CoinMarketCap, October 1, 2026.

      Rewards and the reserve fund

      Holders get a daily reward in USDT, credited at 09:00 UTC, at a base rate; futures traders who use BFUSD as margin get a boosted one. Binance sets both daily from what the strategies earn. In the week before launch, a time of high funding, Binance reported base rates of 12 % to over 35 % a year; since then they have moved with funding, and Binance shows their history only inside its app. When funding turns negative, Binance's terms say it pays the cost from a BFUSD reserve fund that it keeps "for its own account and not on behalf of the holders of BFUSD", seeded with 1 M USDT. Unlike sUSDe, the reward is paid out in USDT, so the BFUSD supply doesn't grow with it.

      What can go wrong

      It's a claim on Binance. BFUSD holders own a balance at Binance, not the assets in the pool. If Binance stopped paying or froze withdrawals, BFUSD would be worth what Binance could return.

      Redemptions can wait. Binance can delay them for up to a week, and the quotas cap how much leaves each day.

      Hedges and funding. The strategy is the same as Ethena's USDe. Long stretches of negative funding cost money, and the reserve fund is Binance's, not yours.

      Little to check. There's no on-chain supply, no published breakdown of the pool and no attestation. The supply figure and the collateral ratio both come from Binance.

      What live mode shows

      Live mode reads BFUSD's circulating supply from Binance's public price feed every five minutes, and shows a change as a net subscription or redemption in half-hour columns. It also reads the BFUSD/USDT spot market every 30 seconds from Binance's public market data: the last price, bid and ask, the 24-hour range and volume. Nothing here comes from a blockchain, because BFUSD isn't on one. The backing figure is drawn at 1:1 with the published supply; it isn't a report.

      What the animation simplifies

      Binance's ledger is drawn as one island with a ring of accounts, and the collateral pool as one vault with one layer, because nothing finer is published. The hedge and staking are shown as captions, not as positions. The reward and the reserve fund payment are far smaller than the subscription, so they appear as numbers. Step-by-step mode starts from 1.87 B, close to the real supply, and uses a round 50 M subscription and an illustrative 5 % a year.