Who controls it
This profile covers Binance-Peg BUSD, a BNB Chain wrapper that Binance administers. Its value and redemption depend on Binance custody and its published backing address, in addition to the retired Paxos token.
- Backing
- Assets held by Binance to support Binance-Peg BUSD on BNB Chain; this is distinct from new Paxos BUSD issuance, which ended.
- Holder’s claim
- The holder relies on Binance’s wrapper and backing arrangement rather than holding the original reserve asset directly.
- Redemption or sale
- Holders convert through Binance or sell in the market. They have no claim on Paxos for new issuance.
Dependencies
- Binance custody and operations
- Published peg-token backing addresses
- BNB Chain token contract
- Market liquidity for the legacy asset
Losses and incidents
- Paxos stopped minting new BUSD in 2023. This profile covers only the remaining Binance-Peg wrapper and does not imply that Paxos still issues BUSD.
Advisor notes
Controlling party: Binance. Check whether the client can redeem directly with the issuer. Holding the token on chain leaves every reserve, custody, contract, and legal dependency in place.
A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
- Binance: Proof of collateral for B-Tokens · primary
- Paxos: BUSD transparency · primary
- DefiLlama: Stablecoins circulation dataset · secondary
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.