Binance USD ($BUSD) stablecoins are gradually inching back to their intended $1 peg after Changpeng Zhao, CEO of crypto exchange Binance, clarified the exchange’s connection with the popular tokens on Tuesday. By shauryamalwa
the crypto exchange’s connection to the popular Paxos Trust Co.-issued token on Tuesday.
BUSD, which is backed by short-term treasuries and cash-like assets, rallied to $0.9997 in European morning hours on Wednesday, recovering from a two-year low of $0.9950 hit after the New York Department of Financial Services on Monday“BUSD is not issued by Binance,” Zhao said during a Twitter Spaces on Tuesday. “We have an agreement to let them [Paxos] use our brand, but that's not something that we created.
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