Binance Announces BUSD Monthly Reserves Holding Reports
With the monthly release of the BUSD Monthly Reserves Holding Reports, investors have access to a full statement of instruments backing BUSD.
Introducing: BUSD Monthly Reserves Holding Reports
In an August 1 announcement, Binance informed users of the introduction of the BUSD Monthly Reserves Holding Reports. Following the collapse of Terra and the associated UST stablecoin, fiat-pegged assets have come under increased regulatory scrutiny.
With the monthly publication of information on reserves backing the BUSD stablecoin, Binance is raising the bar on transparency within the cryptocurrency ecosystem.
Assuring users of the safety of the BUSD stablecoin, Binance, in the announcement blog post, confirmed that BUSD is a token regulated under the New York State Department of Financial Services (NYDFS).
According to the announcement, Binance stated:
“BUSD’s cash-equivalents reserves include (1) US Treasury bills with a maturity of less than 90 days and (2) overnight loans secured only by US Treasury securities.”
Further, Binance stated that Paxos Trust, the company managing the issuance of BUSD, holds customer assets in segregated accounts. There is no comingling of funds in the custodial relationship. Therefore, if the company becomes insolvent, the Superintendent of NYDFS will return assets held in custody by Paxos Trust to their owners in an orderly manner.
The Monthly reserve holdings reports can be accessed through: https://paxos.com/monthly-reserves-holding-reports/
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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