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Yes they do, they announced it a while back. It is certainly interesting way to handle customer assets.
by joyfylbanana 4y ago
Yes they do, they announced it a while back. It is certainly interesting way to handle customer assets.
- vineyardmike 4y agoIn some horribly twisted way, it might make sense? If BUSD is a “safe” stable coin backed by real, liquid, currency in a binance bank account (lots of IFs), it might make more sense as accounting than storing it as USDC stored in another company’s bank account, in that other company’s country. If that company makes bad decisions, it could impact binances customers. Especially after FTX and prior stablecoin fiascos, storing customers funds in your own bank seems prudent. If binance can soft-real-time mint USDC during bank hours, then any conversion can be done by a regular-banking wire transfer. All they need is some pre-minted reserves for off-hours. Orrrrrrr they’re playing games with customers funds and hiding it in their own coffers. In which case BUSD is backed by a lie. FTX is familiar.
- jacquesm 4y ago> hiding it in their own coffers Or they have spent it or given it out in bad loans.
- vineyardmike 4y agoYea that’s what I meant. Doing their own shady thing.
- joyfylbanana 4y agoDepends on how they communicate with the user. If their terms say that they are allowed to convert other USD-pegged tokens to BUSD, fine.