Crypto Exchange Binance Reveals Reserves Backing BUSD Stablecoin in Push for Transparency

Crypto Exchange Binance Reveals Reserves Backing BUSD Stablecoin in Push for Transparency


The world’s largest cryptocurrency marketplace is sharing data about the money behind its own US dollar-pegged stablecoin.

In a new announcement, Binance says that it will regularly provide updates about the reserves behind the popular Binance USD (BUSD).

The move comes after several digital assets and their affiliated projects have collapsed this year while causing tens of billions of dollars in losses worldwide.

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Binance says that, unlike other so-called stablecoins, BUSD is not only “100% backed by cash and cash equivalents” but also regulated and approved by the New York State Department of Financial Services (NYDFS).

BUSD was launched in 2019 by Binance and Paxos and is currently the 6th-largest crypto asset with a market cap exceeding $17.8 billion.

According to the announcement,

“If a

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