Binance discloses the composition of BUSD reserves
The asset is backed by US Treasury bills and repo agreements, as well as fiat currency
03.08.2022 - 08:15
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What’s new? Paxos, a partner of cryptocurrency exchange Binance, has published a document with information on the composition of Binance’s stablecoin reserves (BUSD). According to this data, only 4,21% of the total amount of funds are held in fiat currency.
The full version of the report
What other data has been released? As of June 30, the total amount of BUSD collateral was $17,492 billion. Of that, US Treasury bills and repo agreements accounted for 60,5% and 35%, respectively, and 4,21% ($738 million) was in fiat currency. It is noted that user funds are kept separate from corporate funds in order to protect customers.
The BUSD stablecoin is issued by the Paxos platform with the support of Binance. The asset is approved by the New York State Department of Financial Services (NYDFS). According to the exchange’s blog, if the Paxos platform becomes insolvent, NYDFS will return the assets in its custody to its rightful owners.
BUSD is on the sixth line of the cryptocurrency rating by market capitalization with an indicator of $ 17.9 billion as of August 3, 11:10 Moscow time, according to CoinMarketCap.
Earlier, the head of Binance Changpeng Zhao denied claims by his staff that the company lost 90% of customers and billions of dollars after implementing the KYC procedure.
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