CZ noted that BUSD wasn’t his or his team’s idea

CZ noted that BUSD wasn’t his or his team’s idea, instead something that originated from Paxos, and he emphasized that Binance was not a stablecoin issuer. “BUSD was never very good business for us,” he said. He also sought to play down the risks of holding stablecoins, noting that it’s only the minting of new tokens that Paxos stopped and that there shouldn’t be any losses to investors. In the last 24-hours around $540 million of BUSD was redeemed, data from CoinGecko showed. “The fact that it’s an orderly wind-down is a good thing. People holding stablecoins shouldn’t lose any value,” he said.