Comment by SilverBirch

A lot of "stable" coins have always looked a bit shakey, but as long as the music keeps playing no one has to face reality. It doesn't matter if the coins aren't backed as long as no one asked for the backing. Now with BUSD... there's nothing to do left but ask for the money back. They can't mint any more so at best there will be a net outflow, at worst people will panic and run for the exit. So this is really going to test whether Binance wants to come up with $16Bn to keep this all afloat.