$BUSD May Not Be Used as the Main Pair for Trading, Says CZ

Binance CEO CZ tweeted that Binance was informed by Paxos they have been directed to cease minting new $BUSD by the New York Department of Financial Services (NYDFS). $BUSD is a stablecoin wholly owned and managed by Paxos. As a result, $BUSD market cap will only decrease over time. Paxos will continue to service the product, and manage redemptions. Paxos assured Binance that the funds were safe and fully covered by reserves in their banks.

Binance will continue to support $BUSD for the foreseeable future, and will make product adjustments accordingly. eg, move away from using $BUSD as the main pair for trading, etc.