Paxos: Processed over $7.9 billion in BUSD redemptions within 32 days, providing at least one year of support for its circulation

ChainCatcher news, according to a Paxos announcement, after announcing the cessation of minting new BUSD and terminating its relationship with Binance on February 13, 2023, the platform has processed over $7.9 billion (accounting for nearly 50% of the circulation) in BUSD redemptions over the past 32 days, without causing any losses to customers or market disruption, and has held all customer assets in custody under New York State Banking Law to avoid bankruptcy.

In addition, Paxos also stated that all BUSD is currently held in custody by NYDFS Trust and is fully backed 1:1 by cash and cash equivalents. Paxos will provide support for the circulation of BUSD for at least one year, and all other Paxos products are not affected by BUSD redemptions. (source link)