According to the exchange, BUSD was “fully backed by USD cash and cash-equivalent reserves' and the report had a “timing mismatch in backing Binance-Peg BUSD with BUSD.'
to clarify the difference between a pegged and backed stablecoin — was a “timing mismatch in backing Binance-Peg BUSD with BUSD”. The news outlet reported that the Binance-peg BUSD was often undercollateralized between 2020 and 2021 based on an analysis from ChainArgo co-founder Jonathan Reiter, a gap that sometimes exceeded $1 billion.
However, according to the exchange, its Binance USD stablecoin was “fully backed by USD cash and cash-equivalent reserves” and the Binance-Peg BUSD was fully backed by BUSD. The reported mismatch seemingly showed data in which the stablecoin was not fully backed at times. “Despite variances in the data, at no point were redemptions impacted for users,” said Binance. “There is also no impact to BUSD on ERC-20 issued by Paxos, which is regulated by the NYDFS, audited monthly and backed by USD cash and cash-equivalent reserves.”
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
A Binance Stablecoin Wasn't Always Fully Backed: BloombergThe company acknowledged to Bloomberg that the process of maintaining the peg 'has not always been flawless,' but said the problem has now been fixed.
Leer más »
Binance’s Stablecoin Hasn’t Alway Been Fully Backed, Report SaysBinance has struggled to make sure that its stablecoin remains fully backed on several occasions, according to a new Bloomberg report
Leer más »
Crypto Giant Binance Bleeding Assets: Report.binance lost more than $12 billion worth of assets in two months, according to a recent report
Leer más »
XRP Holders to Receive FLR Tokens from Major Exchange TodayBinance to airdrop today these long-awaited tokens to XRP holders xrpsec ripplesec ripplexrp xrp xrparmy xrpcommunity ripple binance bnb binancenews bnbchain flr flarenetwork $flr $bnb $xrp
Leer más »
Binance Joins Association of Certified Sanctions Specialists – Regulation Bitcoin NewsCryptocurrency exchange Binance has become member of an organization providing training for sanctions compliance.
Leer más »
Binance Coin (BNB) Price Analysis for January 10Can BNB keep growing faster than BTC? Dave_Jonez_02 BNB Pain_Alive_BNB Binance_DEX BinanceResearch
Leer más »