The relationship with PAX Treasury and Binance continues to deepen. It has just been revealed that the treasury has minted a fresh batch of 5,000,000 Binance USD (BUSD).
Binance USD (BUSD) is one of the more obscure stablecoins despite being associated with the largest cryptocurrency exchange. Boasting a market capitalization of just $21.3M at the time of writing, it has had a controversial but short history. Liquidity was so bad that in September, BeInCrypto reported that someone was somehow able to buy Bitcoin (BTC) for just $1,800 with BUSD.
It seems that Binance is trying to further boost the profile of its stablecoin in 2020 with the issuing of fresh currency. In collaboration with PAX Treasury, it has issued a new batch of 5,000,000 BUSD ($5M), which will be entering the market shortly. The minting was reported by Whale Alert (@whale_alert) earlier today.
The post was then retweeted by Changpeng Zhao (CZ) himself, who simply wrote “#Adoption.” It’s unclear how the printing of new stablecoin implies adoption, but that was the comment. It’s also unknown whether or not the new BUSD issued is backed by audited reserves.5,000,000 #BUSD (5,000,000 USD) transferred from PAX Treasury to #Binance
— Whale Alert (@whale_alert) February 4, 2020
Tx: https://t.co/Lsb4slCr7Q
This isn’t the first time PAX Treasury has minted Binance USD (BUSD) on behalf of the exchange. Earlier this month, BeInCrypto reported that the treasury minted 5,799,980 BUSD alongside 1,088,774 of its own PAX stablecoin. The first known instance of PAX Treasury minting BUSD happened in September of last year, where it issued around $6M of the Binance stablecoin. The latest BUSD issuing by PAX indicates that the partnership is deepening, and the stablecoin project may be holding a significant amount of Binance’s reserves to back up BUSD.#Adoption https://t.co/5kIHhO7xsL
— CZ Binance (@cz_binance) February 4, 2020
Most replies to the news were optimistic about positive market movement following the minting, but it seems too small to make a significant impact. Still, around $5M USD will be entering the market shortly via Binance USD, which won’t be without consequence.
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