Binance’s BUSD stablecoin is currently one of the largest in the crypto sector, but there have been concerns about the stability of the asset, especially with the collapse of the Terra UST stablecoin. Most concerns were raised around the collateral used to back the coin and Binance itself has admitted to some flaws in the way that the peg was maintained.
Raising The Issues Around BUSD Peg
Questions around the pegging to the Binance BUSD first arose following the publication of an analysis of the Binance Smart Chain. In the section that touched on BUSD, Patrick Tan revealed that there were times in the past, when BUSD – specifically the BUSD on BSC, was not backed by an equivalent amount in dollars.
Now, for those who don’t know, the first version of BUSD was created on the Ethereum blockchain in conjunction with Paxos. This version of the stablecoin is regulated and entirely backed by a dollar equivalent. However, Binance, which launched its own blockchain in 2020, began minting
We współpracy z: https://bitcoinist.com/binance-says-flaws-in-busd-peg/
