Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

[Riberet19]

The news has recently come to light that the companies Paxos will halt minting BUSD tokens from bebruary 21 of this year and therefore all commercial relations with the cryptocurrency exchange Binance, although all tokens which have already been minted will be backed until February 2024, as confirmed by the company Paxos trust, this can trigger alternative effects in the cryptographic ecosystem in both BNB and USDP (the stablecoin of paxos) or Paxg (pax gold) which is a currency correlated with the value of gold and that is backed by this 1:1, what do you think of this news?

 

[Yugocean]

Paxos has had a strained relationship with Binance. That stems from which of them would control the BUSD token. I think that is why Paxos backed out of mining BUSD. Many local wallets and exchanges in my country have stopped accepting BUSD tokens owing to this conflict.

It wasn't any bad relation between Paxos and Binance. It was Circle and Coinbase which made SEC go after Paxos. Binance never owned BUSD, it was Paxos product, and Paxos was forced to stop minting, which led Binance to stop using BUSD.

 

[IB DD]

It wasn't any bad relation between Paxos and Binance. It was Circle and Coinbase which made SEC go after Paxos. Binance never owned BUSD, it was Paxos product, and Paxos was forced to stop minting, which led Binance to stop using BUSD.

It was a partnership between Binance and Paxos that launched BUSD. Paxos issued the tokens while Binance's end of the partnership was to provide marketing. There began to be conflicts between Paxos and Binance along the line over BUSD. Coinbase might be a factor in SEC going after Paxos but the conflict with Binance has a direct and indirect bearing on the fate of BUSD.

 

[Yugocean]

.Maybe, but there was less chance, because BUSD was then main stablecoin for Binance, and there was no reason for CZ to stop it, unless ultimately Paxos decided to stop minting, Binance kept it for a long time without new issuence.

 

[IB DD]

.Maybe, but there was less chance, because BUSD was then main stablecoin for Binance, and there was no reason for CZ to stop it, unless ultimately Paxos decided to stop minting, Binance kept it for a long time without new issuence.

The token faced many challenges but I believe that if the partnership between Binance and Paxos was still strong, the BUSD token would have somehow managed to stay afloat. Scalability issues on the ERC 20 was a big problem.

 

[GoldenLady]

No wonder most coins no longer have a BUSD pair. I can remember that it being a bullish signal for any coin on Binance last run especially coins that only have BTC pair and no other stable coin.