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Record sog_st_busd

BUSDBinance USD

Also recorded as BUSD

Winding Down

Lifecycle: Winding Down
Issuance: Terminated
Reference target: US dollar
Primary organization: PaxosNo additional recorded relationship
Launch: 2019-09-05
Redemption: Eligible Customers Only
Backing: Fiat and cash equivalents
Stabilization: Issuer redemption
Last review: 2026-06-04
Evidence: 6 source records

Reviewed assessment

Identity and current state

This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.

A Paxos-issued US dollar stablecoin branded with Binance that entered wind-down after new issuance stopped in 2023.

Name	Binance USD
Symbol	BUSD
Aliases	BUSD
Asset class	Stablecoin
Lifecycle status	Winding Down
Issuance status	Terminated
Canonical record ID	`sog_st_busd`
Route slug	`busd`
Record confidence	Medium
Last reviewed	2026-06-04

Name: Binance USD
Symbol: BUSD
Aliases: BUSD
Asset class: Stablecoin
Lifecycle status: Winding Down
Issuance status: Terminated
Canonical record ID: sog_st_busd
Route slug: busd
Record confidence: Medium
Last reviewed: 2026-06-04

Record coverage

Section	Entries
Organizations	1
Sources	6
Reserve reports	2
Reserve components	2
Model-history events	2
Regulatory notes	3
Deployments	1
Issuer-control actions	0
Open questions	3
Events	2

Organizations and control

Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.

Governance: Centralized
Primary display organization: Paxos
Primary display role: Legal issuer
Display selection mode: Deterministic Policy
Current relationships: 1
Ended relationships: 0
Unknown relationship state: 0
Freeze capability: 0 recorded yes · 0 recorded no · 1 not recorded
Blacklist capability: 0 recorded yes · 0 recorded no · 1 not recorded
Deployment control-event references: 0
Observed issuer-control events: 0
Relationship coverage: 1 recorded relationship

All current, ended, and unknown-state organization relationships
Organization	Organization category	Regulatory character	Jurisdiction	Role	Display priority	From	Until	Relationship status
Paxos	Company or corporate group	Not recorded in canonical data	United States	Legal issuer	Primary display	2019-09-05	Not yet recorded	Active relationship

Company or corporate group

Paxos

Primary display

Functional role: Legal issuer
Relationship status: Active relationship
Regulatory character: Not recorded in canonical data
Jurisdiction: United States
From: 2019-09-05
Until: Not recorded

Mechanism

How the asset works

Reference, backing, stabilization, exit, valuation, and yield remain separate facts.

Reference target: US dollar
Reference kind: Fiat
Comparison category: US dollar
Target value: 1
Reference methodology: Targets a US dollar reference value unless the record documents a different target value.
Public backing model: Fiat and cash equivalents
Canonical backing types: Cash, Government Securities
Reserve component categories: Cash, Government Securities
Primary stabilization mechanism: Issuer redemption
Recorded model description: Fiat-backed
Redemption / exit model: Eligible Customers Only
Valuation source: Public information is incomplete
Yield / rebase profile: None recorded
Classification notes: Not recorded

Reserve and redemption

Recorded components, disclosures, reports, and redemption conditions remain explicit.

Reserve components

CashCash
Government securitiesGovernment Securities

Reserve profile

Disclosure status	Wind-down information available
Backing types	Cash, Government Securities
Summary	Historical Paxos reserve and attestation records remain available for the wind-down period.
As of	2026-06-04
Profile confidence	Medium

Disclosure status: Wind-down information available
Backing types: Cash, Government Securities
Summary: Historical Paxos reserve and attestation records remain available for the wind-down period.
As of: 2026-06-04
Profile confidence: Medium

Redemption profile

Current status	Eligible Customers Only
Settlement asset	USD or Usdp
Eligible parties	Paxos customers eligible under current Paxos account and product terms.
Retail access	Eligible Paxos Customers or Market Exit
Institutional access	Eligible Paxos Customers Direct
Minimum amount	Subject to current Paxos terms and account route.
Fee	Subject to current Paxos and banking terms.
Settlement time	Subject to Paxos processing and banking operations.
Regional limits	Paxos customer eligibility, compliance, account, and jurisdiction restrictions apply.

Current status: Eligible Customers Only
Settlement asset: USD or Usdp
Eligible parties: Paxos customers eligible under current Paxos account and product terms.
Retail access: Eligible Paxos Customers or Market Exit
Institutional access: Eligible Paxos Customers Direct
Minimum amount: Subject to current Paxos terms and account route.
Fee: Subject to current Paxos and banking terms.
Settlement time: Subject to Paxos processing and banking operations.
Regional limits: Paxos customer eligibility, compliance, account, and jurisdiction restrictions apply.

Reserve and attestation history

Date	Publisher	Type	Assets covered	Record confidence
2023-02-13	Paxos	Issuer Disclosure	Cash, Us Treasury Bills	Medium
2026-06-04	Paxos	Attestation Archive Context	Cash, Us Treasury Bills, Wind Down Context	Medium

Paxos

2023-02-13

Type: Issuer Disclosure
Assets covered: Cash, Us Treasury Bills
Record confidence: Medium

Paxos

2026-06-04

Type: Attestation Archive Context
Assets covered: Cash, Us Treasury Bills, Wind Down Context
Record confidence: Medium

Deployments and legal context

Network state, contract identity, legal notices, and value states remain separate.

Blockchain deployments

Network	Network record state	Standard	Public deployment category	Canonical deployment type	Operational state	Recorded status	Change or proposal state	Canonicality	Canonicality record state	Verification state	Contract identity state	Contract or identifier	Freeze	Blacklist	Control events	Notes
Ethereum	Specific network recorded	Not yet recorded	Issuer- or institution-supported deployment	Issuer Supported Token	Winding down	Discontinued or Wind Down Context	Wind-down recorded	Issuer-native deployment	Canonicality recorded	Verified	Identifier recorded	0x4fabb145d64652a948d72533023f6e7a623c7c53	Not yet recorded	Not yet recorded	0	Ethereum BUSD contract confirmed from Paxos issuer materials. New issuance ended, while Paxos reserve and redemption responsibilities remain a separate lifecycle layer.

Regulatory and official notices

Date	Title	Authority / publisher	Type	Summary
2023-02-13	Paxos BUSD wind-down and issuance halt context	Paxos	Issuer Regulatory Notice	Paxos announced it would stop issuing new BUSD and end its relationship with Binance for the Binance USD stablecoin. The archive records this as wind-down context, not as failed status.
2023-08-31	BUSD exchange support phase-out context	Binance	Exchange Notice	Binance announced a gradual phase-out of BUSD product support. The archive records exchange support phase-out separately from Paxos issuer redemption and wind-down status.
2024-07-11	Reported SEC follow-up context for Paxos BUSD	Reuters	Reported Regulatory Followup	Reuters reported a later SEC-related follow-up involving Paxos and BUSD. The archive records this only as reported follow-up context until an official source is added.

Paxos BUSD wind-down and issuance halt context

2023-02-13

Paxos announced it would stop issuing new BUSD and end its relationship with Binance for the Binance USD stablecoin. The archive records this as wind-down context, not as failed status.

Authority / publisher: Paxos
Type: Issuer Regulatory Notice

BUSD exchange support phase-out context

2023-08-31

Binance announced a gradual phase-out of BUSD product support. The archive records exchange support phase-out separately from Paxos issuer redemption and wind-down status.

Authority / publisher: Binance
Type: Exchange Notice

Reported SEC follow-up context for Paxos BUSD

2024-07-11

Reuters reported a later SEC-related follow-up involving Paxos and BUSD. The archive records this only as reported follow-up context until an official source is added.

Authority / publisher: Reuters
Type: Reported Regulatory Followup

Evidence

Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.

5 source identities · 6 evidence relations
Source	Publisher	Source category	Provenance	Primary or secondary	Supported claims	Archive	Reliability
Paxos to end relationship with Binance for BUSD Published 2023-02-13	Paxos	Official statement or announcement Canonical: Issuer Statement	Subject-controlled source	Primary source	Discontinued Status	No archive recorded	High
Paxos BUSD issuer context Published Not yet recorded	Paxos	Official statement or announcement Canonical: Issuer Statement	Subject-controlled source	Primary source	Entity Redemption Wind Down	No archive recorded	Medium
Binance BUSD support phase-out notice Published 2023-08-31	Binance	Official statement or announcement Canonical: Exchange Notice	Subject-controlled source	Primary source	Exchange Support Phaseout, Exchange adoption	No archive recorded	Medium
SEC ends Paxos BUSD investigation, report Published 2024-07-11	Reuters	Independent news or analysis Canonical: News Analysis	Independent third-party source	Secondary source	Regulatory Followup	No archive recorded	Medium
Paxos Will Halt Minting New BUSD Tokens Published 2023-02-13	Paxos	Official statement or announcement Canonical: Issuer Statement	Subject-controlled source	Primary source	issuer role, minting halt, reserve segregation, bankruptcy remoteness, and redemption wind-down	No archive recorded	High

Known unknowns

Known unknowns and coverage

Missing or disputed facts remain visible instead of being converted into certainty.

Open questions

Topic	What remains unclear	Value state	Priority	Last checked
Redemption Deadline	Final BUSD redemption window, customer-specific Paxos redemption/conversion eligibility, and post-wind-down handling need exact documented review before SOG displays final availability as fact.	Unknown after review	Medium	2026-06-04
Exchange Phaseout Scope	Exchange support phase-out, automatic conversion programs, and remaining market support vary by platform and should not be confused with issuer redemption.	Unknown after review	Medium	2026-06-04
Regulatory Followup	NYDFS/SEC-related BUSD follow-up needs source-specific separation between official notices, company statements, and later news reports.	Unknown after review	Medium	2026-06-04

Redemption Deadline

Final BUSD redemption window, customer-specific Paxos redemption/conversion eligibility, and post-wind-down handling need exact documented review before SOG displays final availability as fact.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-04

Exchange Phaseout Scope

Exchange support phase-out, automatic conversion programs, and remaining market support vary by platform and should not be confused with issuer redemption.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-04

Regulatory Followup

NYDFS/SEC-related BUSD follow-up needs source-specific separation between official notices, company statements, and later news reports.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-04

Lifecycle

History

Current classification remains separate from dated changes and incidents.

Model and lifecycle changes

2023-02-13Paxos announces BUSD minting halt and wind-downMigration
2023-08-31Binance begins phasing out BUSD supportMigration

Event timeline

Date	Event	Category	Subtype	Status effect	Recovery
2023-02-13	Paxos announces BUSD minting halt and wind-down	Wind-down and termination	Wind Down Announced	Entered wind-down	Not applicable
2023-08-31	Binance begins phasing out BUSD support	Wind-down and termination	Exchange Phaseout	Historical context only	Not applicable

Related records and corrections

Corrections and further reading

Open connected records, methodology, machine-readable data, or report a correction.