Binance acknowledged that one of its stablecoins, Binance-peg BUSD, wasn’t always fully backed. By NelWang
The token was at times undercollateralized in 2020 and 2021, Bloomberg reported, citing an analysis by Jonathan Reiter of blockchain analytics company ChainArgos.
The spokesperson noted that user redemptions were never impacted by the issue, but did not detail how long Binance-peg BUSD was undercollaterized for, nor when Binance discovered the issue and fixed it.published after Bloomberg's article came out, Binance explained that there was a"timing mismatch" in backing Binance-Peg BUSD with BUSD."From the data it is clear that the rebalancing did not always keep pace with the demand for Binance-Peg BUSD," Binance wrote.
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