Lets put ourselves in a really darkish state of affairs:
1)You’ve BUSD both on CEX or in self custody
2)For no matter motive binance dies
3)BUSD is backed by PAXOS therefore no problemo Imma swap it for USD ezpz… or are you able to?
Properly… sure however solely sure kind of BUSD
BUSD is issued by PAXOS, regulated by NYDFS and holds USD 1:1 in FDIC insured banks or US treasury payments. BUSD can also be one of many few secure cryptocurrencies that present month-to-month audited stories of its reserves.
You may redeem your BUSD for USD at any time ONLY IF YOU HOLD ON ETHEREUM!
“***Binance wraps BUSD and points separate tokens (referred to as Binance-Peg BUSD) on a number of blockchains, together with BNB Sensible Chain, Polygon, and Avalanche. These tokens are unaffiliated with Paxos and never regulated by the NYDFS.”***
Not saying Binance will or is even more likely to fail however it’s a must to be ready for the worst! Be certain to not maintain BUSD as wrapped token or on some other chain that isn’t Ethereum.
Keep protected 🙂