{"id":519601,"date":"2023-02-14T09:15:50","date_gmt":"2023-02-14T09:15:50","guid":{"rendered":"https:\/\/wncen.com\/?p=519601"},"modified":"2023-02-14T08:56:38","modified_gmt":"2023-02-14T08:56:38","slug":"binances-busd-reserves-steady-at-13-billion-represents-18-of-all-assets","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-coin\/binances-busd-reserves-steady-at-13-billion-represents-18-of-all-assets\/","title":{"rendered":"Binance’s BUSD Reserves Steady At $13 Billion, Represents 18% Of All Assets"},"content":{"rendered":"

BUSD, a stablecoin issued by Paxos, a blockchain infrastructure platform in New York, is still one of the most dominant assets on Binance, the world’s largest cryptocurrency exchange by client count and trading volume.<\/span><\/p>\n

BUSD Remains Dominant<\/span><\/h2>\n
DeFiLlama data on February 14 shows<\/a> that BUSD makes up over 18% of all assets locked and managed in Binance. It is the third largest asset, with stablecoins worth more than $13.3 billion locked when writing.<\/span><\/p>\n
BUSD comes third only after BNB, the native currency of the Binance ecosystem, and USDT, a competing stablecoin issued by Tether Holdings. There is $17.61 billion worth of BNB managed by Binance, while users have deposited $15.01 billion of USDT in the exchange.<\/span><\/p>\n
Related Reading: Binance Integrates Binance-Pegged BUSD On Optimism Network<\/a><\/div>\n
Binance manages over $70 billion of various assets, with tokens from Ethereum being the most popular. There are also tokens from the BNB Smart Chain (BSC), Tron, Avalanche, and other blockchains. Binance currently manages $10.62 billion of BTC, up from around $8 billion in early January 2023.\u00a0<\/span><\/p>\n
$\"Bitcoin$
Bitcoin Price On February 14| Source: BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n
When BNB is excluded, Binance has more than $53 billion of assets under management.\u00a0<\/span><\/p>\n
Binance is the world’s largest exchange by the number of assets it manages. The second is OKX, an exchange with a TVL of over $7.6 billion, excluding the value of its native token, OKB.<\/span><\/p>\n
Paxos Ordered To Halt BUSD Minting, USDT Trading Volumes Surge<\/span><\/h2>\n
On February 13, Paxos\u00a0<\/span>stated<\/span><\/a>\u00a0that it had received a Wells notice from the United States Securities and Exchange Commission (SEC).\u00a0<\/span><\/p>\n
The agency, Paxos said, had concluded that BUSD is a security and was considering enforcement action. This action is likely a lawsuit. Paxos is supposed to respond in writing, explaining why the SEC’s assessment is incorrect.<\/span><\/p>\n
Related Reading: Breaking: New York Regulator Orders Paxos To Stop Issuing Binance\u2019s BUSD<\/a><\/div>\n
Paxos asserts that BUSD is not a security under the United States federal laws. They will “engage with the SEC staff on this issue and are prepared to vigorously litigate if necessary.”<\/span><\/p>\n
In an update, Binance CEO, Changpeng Zhao, said Paxos had received an order from New York regulators to halt the new minting of BUSD.\u00a0<\/span><\/p>\n
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#BUSD<\/a>. A thread. 1\/8<\/p>\n
In summary, BUSD is issued and redeemed by Paxos. And funds are #SAFU<\/a>!<\/p>\n
— CZ \ud83d\udd36 BNB (@cz_binance) February 13, 2023<\/a><\/p><\/blockquote>\n