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Binance USD (BUSD) was a US Dollar-pegged stablecoin issued by Paxos on the behalf of Binance.[90]

In January 2023, Bloomberg reported that Binance-Peg BUSD "was often undercollateralized between 2020 and 2021. On three separate occasions, the gap between reserves and supply surpassed $1 billion." A Binance spokesperson said the "process of maintaining the backing … has not always been flawless" but "has been much improved with enhanced discrepancy checks."[91]#BinanceMegadrop #BNB‬ $BNB