Binance Peg BUSD

This is the Binance-Peg version of BUSD, a wrapper Binance minted across dozens of chains to mirror BUSD that originally lived on Ethereum. The underlying dollar token was issued by Paxos Trust under New York regulation, but in February 2023 the NYDFS ordered Paxos to stop minting new BUSD, and the coin has since been wound down. Redemption of the native token ran through Paxos customer onboarding and full KYC; that path has now closed, and the Binance-Peg wrappers were never directly redeemable with any issuer in the first place. What remains is effectively the residue of a discontinued stablecoin: supply that was once among the largest in the market has drained away as holders exited. Anyone still holding these bridged tokens is left relying on whatever thin secondary liquidity persists rather than any redemption guarantee.