1. PixelPlaygroundHome
  2. Blockchain Briefs

Paxos Processes $7.9 Billion BUSD Redemptions In 32 Days Without Losses Or Market Chaos

• Blockchain Briefs • 176 views

Paxos Processes $7.9 Billion BUSD Redemptions In 32 Days Without Losses Or Market Chaos

According to reports, Paxos disclosed on its official website that after announcing on February 13, 2023 that it would stop casting new BUSD tokens and terminate its relationship with Coin Security, the platform has processed over $7.9 billion in BUSD redemptions in the past 32 days, accounting for nearly 50% of the current BUSD, without causing any losses to customers or causing market chaos, and has managed all customer assets in accordance with the New York State Bank Law to avoid bankruptcy. Paxos stated that currently all BUSDs are hosted by NYDFS Trust and fully supported by USD cash and cash equivalents at a 1:1 ratio. Paxos will provide support for the circulation of BUSDs for at least one year, and all other Paxos products will not be affected by BUSD redemptions.

Paxos: Process over $7.9 billion in BUSD redemptions within 32 days, and will provide support for at least another year

Analysis based on this information:


Paxos, a blockchain-based trust, has disclosed that it managed to process over $7.9 billion in BUSD redemptions in the past 32 days, accounting for almost 50% of current BUSD tokens without causing any losses to customers or causing market chaos. What’s more, Paxos has managed all customer assets in accordance with the New York State Bank law to avoid bankruptcy.

According to reports, Paxos announced on February 13, 2023, that it would not be issuing new BUSD tokens and would end its relationship with Coin Security. Since then, the platform has been focused on ensuring that customers can redeem their tokens with ease and without any negative impact on their asset value.

All BUSDs are now hosted in the NYDFS Trust and are fully supported by USD cash and cash equivalents at a 1:1 ratio. Paxos will ensure support for the circulation of BUSDs for at least one year, and all other Paxos products will not be affected by BUSD redemptions.

The fact that Paxos has managed to process such a large number of redemptions without any negative consequences for customers or the market is a testament to the platform’s commitment to maintaining the integrity of the BUSD token. It also demonstrates the importance of upholding regulatory compliance in the cryptocurrency space. By following the New York State Bank law, Paxos has been able to build trust and confidence with its customers, who can be assured that their assets are safe and secure.

In conclusion, Paxos’ handling of the BUSD redemption process has been a success, with no losses or chaos in the market. The platform’s commitment to regulatory compliance and customer protection has paid off, and it will be interesting to see how Paxos moves forward with its BUSD token in the future.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/6275/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/17/2023 14:01
Next 03/17/2023 14:26

Recommended articles