Actual BUSD is issued on Ethereum by Paxos, which is a separate US company that is licensed and regulated by NYDFS. I think it’s unlikely that any of this issua

Actual BUSD is issued on Ethereum by Paxos, which is a separate US company that is licensed and regulated by NYDFS. I think it’s unlikely that any of this issuance is fraudulent. Binance then maintains a “pegged BUSD” token on the BNB chain (and other chains.) This is supposed to be backed “1 to 1” by Real-BUSD held in a Binance wallet on chain. They could break this peg at any instant they chose, but it would be visible. I did the math a few days ago over here [1] and it checked out. I’m posting this not to say the situation isn’t risky, just that it seems risky in a highly-transparent way - ie, I can’t see how they would manufacture BUSD without someone noticing. Maybe there’s a loophole I don’t see. [1] https://news.ycombinator.com/item?id=33976228 https://news.ycombinator.com/item?id=33976228