[vineyardmike]

In some horribly twisted way, it might make sense?

If BUSD is a “safe” stable coin backed by real, liquid, currency in a binance bank account (lots of IFs), it might make more sense as accounting than storing it as USDC stored in another company’s bank account, in that other company’s country. If that company makes bad decisions, it could impact binances customers. Especially after FTX and prior stablecoin fiascos, storing customers funds in your own bank seems prudent.

If binance can soft-real-time mint USDC during bank hours, then any conversion can be done by a regular-banking wire transfer. All they need is some pre-minted reserves for off-hours.

Orrrrrrr they’re playing games with customers funds and hiding it in their own coffers. In which case BUSD is backed by a lie. FTX is familiar.

[jacquesm]

> hiding it in their own coffers

Or they have spent it or given it out in bad loans.

[vineyardmike]

Yea that’s what I meant. Doing their own shady thing.

[joyfylbanana]

Depends on how they communicate with the user. If their terms say that they are allowed to convert other USD-pegged tokens to BUSD, fine.