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.”
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