So $BUSD is "SAFU"?
It depends - it's important to recognize the QUALITATIVE difference between $BUSD on the #ethereum #blockchain that is issued by @PaxosGlobal and regulated by the @NYDFS and the stuff that exists on the #BNBChain.
And boy is there a HUGE difference.
It depends - it's important to recognize the QUALITATIVE difference between $BUSD on the #ethereum #blockchain that is issued by @PaxosGlobal and regulated by the @NYDFS and the stuff that exists on the #BNBChain.
And boy is there a HUGE difference.
Just because #Paxos can't mint anymore $BUSD, doesn't mean that it's worthless, it ought to be redeemable (possibly at a discount) but not for zero.
$BUSD on the #BNBChain is an entirely different story.
Remember, $BUSD that's on the BNB Beacon Chain or BNB Smart Chain...
$BUSD on the #BNBChain is an entirely different story.
Remember, $BUSD that's on the BNB Beacon Chain or BNB Smart Chain...
is supposed to be backed by $BUSD in the attestation wallets on #Ethereum with the equivalent #Paxos product.
So while Paxos can't mint anymore $BUSD, there's technically nothing stopping @binance from minting as much $BUSD as it likes on other blockchains.
So while Paxos can't mint anymore $BUSD, there's technically nothing stopping @binance from minting as much $BUSD as it likes on other blockchains.
And there's good precedent of it doing so. Not saying that it would again, but it's happened before.
bloomberg.com/news/articles/…
bloomberg.com/news/articles/…
• • •
Missing some Tweet in this thread? You can try to
force a refresh
