Crypto Trader Explains How BUSD Can Be Redeemed For USD If Binance Collapses

Crypto Trader Explains How BUSD Can Be Redeemed For USD If Binance Collapses

A crypto trader on Reddit explains how investors can redeem Binance’s stablecoin BUSD (CRYPTO: BUSD) in the unlikely event of the exchange collapsing.

What Happened: Pseudonymous trader ‘Chymista Scepticus’ asked if “you have BUSD either on CEX (centralized exchanges) or self custody” and if “for whatever reason binance dies”, what happens to your BUSD?

Paxos issues BUSD tokens, which are backed one-for-one with FDIC-insured banks or US government bonds. BUSD is one of the few stable …

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