Paxos Processes Over $7.9 Billion in BUSD Redemptions in 32 Days, Commits to Backing BUSD for At Least a Yr

Paxos, the main blockchain infrastructure platform, introduced that it processed greater than $7.9 billion in BUSD redemptions within the 32 days because it stopped minting new BUSD tokens and ended its relationship with Binance on February 13, 2023. is its USD-backed stablecoin.

The redemption represented almost 50% of the BUSD in circulation and was executed with none loss to Paxos clients or disruption to the market.

In line with New York State Banking Legislation, Paxos has absolutely managed all shopper belongings to keep away from chapter danger. At the moment, all BUSD is custodied by the NYDFS Belief and absolutely backed 1:1 by USD and money equivalents.

Paxos has dedicated to supporting BUSD in circulation for at the least a yr, noting that each one of its different merchandise are unaffected by BUSD redemptions.

Paxos CEO Charles Cascarilla stated: “We’re proud to navigate this difficult scenario with transparency and integrity, offering our clients with the soundness and confidence they depend on us. “We stay dedicated to our mission of making a trusted, open monetary infrastructure for the blockchain ecosystem.”