I think Paxos is probably legit. Their stablecoin was used by Facebook in the last desperate iteration of the Libra/Diem crypto project. I would assume that a c

I think Paxos is probably legit. Their stablecoin was used by Facebook in the last desperate iteration of the Libra/Diem crypto project. I would assume that a company of FB's size and ongoing legal scrutiny probably vetted Paxos's reserves pretty thoroughly. (Then again the FB crypto project was a fuck-up of the highest order right from the start, so maybe they neglected this too.) However the Paxos-Binance stablecoin bridge business seems shady. Are the BUSD tokens created by Binance really backed by the dollars Paxos is holding? What's the chance there is a FTX-style "hidden, poorly internally labelled account" black hole where the money should be?