BUSD Redemptions
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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,…
