Binance-Peg BUSD
$0.9998
STRICT-Score
Max. Potenzial
1.7x
Potenzieller Ertrag
Wahrscheinlichkeit
95%
Erfolgschance
Risikoniveau
10/10
Hohes Risiko
Marktkapitalisierung
$312.30M
Volumen
$693.79K
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
Binance-Peg BUSD is a discontinued USD-backed stablecoin with a current market cap of $55.04M and circulating supply of approximately 55M tokens as of December 15, 2025. Trading at $0.998, it represents a 99.7% decline from its February 2023 peak of $16B. The token was shut down after the SEC issued a Wells notice to Paxos in February 2023, alleging BUSD was an unregistered security, though the SEC later dropped the case in July 2024. Paxos ceased minting new BUSD on February 21, 2023, and paid a $48.5M NYDFS settlement in August 2025 to resolve AML compliance failures. Binance completed the conversion of all BUSD collateral to USD1 (World Liberty Financial stablecoin) in mid-December 2025, marking the complete phase-out of this once third-largest stablecoin.
Investitionsthese
There is no investment thesis for BUSD. This is a discontinued stablecoin in its terminal phase with zero growth potential. The token exists solely as a redemption vehicle for remaining holders. Paxos stopped issuing new BUSD in February 2023 following regulatory action from the New York Department of Financial Services and SEC enforcement threats. Binance completed the conversion of all BUSD collateral to USD1 within one week of the December 11, 2025 announcement, removing the last major backend dependency on BUSD. Trading volume has collapsed to $911,570 daily (down from billions), signaling minimal market activity. Paxos successfully wound down more than $16 billion in BUSD market capitalization without the token ever losing its dollar peg. Any remaining holdings should be redeemed through Paxos (ERC-20 only) or converted immediately.
Wettbewerbsposition
BUSD has no competitive position as it is a discontinued stablecoin in terminal wind-down. At its peak in 2021-2022, it ranked as the third-largest stablecoin with a $23B market cap, behind only Tether (USDT) and USDC. However, following the February 2023 regulatory shutdown, its market share collapsed from approximately 8-10% of the stablecoin market to effectively 0%. USDT ($135B+) and USDC ($42B+) absorbed BUSD market share. Binance replaced BUSD with FDUSD (First Digital USD) in late 2023, then transitioned to USD1 (World Liberty Financial, $2.7B market cap, #6 stablecoin globally) as its primary stablecoin in December 2025. The Binance-Peg BUSD variant on BSC Chain is separate from Paxos-issued BUSD on Ethereum, though both are being phased out simultaneously as part of the coordinated wind-down.
Fazit
Binance-Peg BUSD is a discontinued stablecoin with no investment merit. Following SEC enforcement in February 2023 (case dropped July 2024), Paxos ceased minting and paid a $48.5M NYDFS settlement in August 2025 for AML compliance failures tied to Binance partnership. The supply collapsed 99.7% from $16B to $55.04M as of December 15, 2025. Binance completed conversion of all BUSD collateral to USD1 in mid-December 2025, removing the last major utility. Trading volume has collapsed to $911,570 daily with minimal exchange support beyond PancakeSwap V3 on BSC. This asset has zero growth potential, no development activity, and serves only as a historical case study of stablecoin regulatory risk and successful orderly wind-down.
Stärken
- $55.04M supply remains fully backed 1:1 by U.S. Treasuries, cash, and equivalents through Paxos, maintaining redemption guarantee despite discontinued status
- Maintains $0.998-$1.00 peg stability despite discontinued status and 99.7% supply reduction from $16B peak to current $55M levels
- Clear redemption path available through Paxos for ERC-20 BUSD holders on a 1:1 basis with USD or conversion to USDP stablecoin
- NYDFS settlement finalized on August 7, 2025 ($48.5M total: $26.5M penalty + $22M compliance investment) resolves regulatory overhang, providing clarity on wind-down process
- SEC officially ended investigation in July 2024 without pursuing enforcement action, validating Paxos position on BUSD regulatory status
Risiken
- Regulatory shutdown: SEC initially classified BUSD as unregistered security in February 2023, forcing permanent cessation of new issuance by Paxos (though case dropped July 2024)
- Collateral conversion completed: Binance converted all BUSD collateral to USD1 in December 2025, eliminating primary utility as exchange settlement asset
- Circulating supply collapsed from $16B peak to $55.04M (-99.7%) as holders exited following regulatory action and Binance phase-out to FDUSD then USD1
- Zero development activity: No codebase updates post-2023, with all Binance infrastructure migrated first to FDUSD (2023-2024) and now USD1 (December 2025)
- Minimal liquidity: 24-hour trading volume of $911,570 across all exchanges (down from billions), with PancakeSwap V3 (BSC) the most active venue
- AML compliance failures: NYDFS investigation revealed Paxos failed to monitor $1.6B in illicit transactions through Binance between 2017-2022, highlighting past operational risks
Kommende Katalysatoren
USD1 collateral conversion completed on Binance
Zeitrahmen: December 2025
Potential final Paxos redemption deadline announcement
Zeitrahmen: Q1-Q2 2026
Preisziele
If Paxos announces immediate redemption closure with short notice, minor de-pegging to $0.98 could occur as remaining 55M token holders rush to exit, though 1:1 Treasury backing should maintain near-parity as demonstrated during $16B wind-down
BUSD maintains $0.998-$1.00 peg through final wind-down as Paxos honors full 1:1 backing with U.S. Treasuries and cash equivalents for remaining $55.04M supply until complete redemption, consistent with successful historical wind-down
No upside scenario exists - stablecoins are designed to maintain $1.00 peg by definition, and BUSD is a discontinued asset in terminal decline with zero growth potential or utility expansion after Binance USD1 conversion
STRICT-Score
Bewertung: 15/100 | Potenzial: 1.7x
Verwandte im gleichen Sektor - Sonstige
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.