Binance admits its stablecoin sometimes lost the full backing it needed to keep its price fixed at $1

Jan 11 2023 by Business Insider

 
Binance CEO Changpeng Zhao, known as "CZ".

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Binance said its BUSD stablecoin hasn't always had the dollar backing needed for its price to stay fixed. The peg for the listed crypto token wore thin due to a "timing mismatch", the exchange said Tuesday. Last year Terra's UST stablecoin lost its peg, helping feed a massive selloff in crypto markets.

Crypto giant Binance has admitted that it hasn't always maintained the reserves needed to keep...

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