Binance Announces BUSD Monthly Reserves Holding Reports

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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