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BUSD Stablecoin Inches Toward $1 Peg After Binance CEO Comments

The Binance USD (BUSD), the third-largest stablecoin by market cap, is returning to its intended $1 peg after Binance CEO Changpeng Zhao commented on 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 (NYDFS) on Monday ordered Paxos to stop minting more of the tokens.

(By Shaurya Malwa)

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BUSD BUSD $1.00
-0.07%
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