你手中的BUSD，是“真正”的BUSD吗？

Odaily星球日报Published on 2023-02-13Last updated on 2023-02-13

Abstract

仅在以太坊上发行的BUSD由监管直接提供锚定担保，其它30条链上的BUSD则跨链而来。

SEC 将禁止 Paxos 稳定币的消息不断冲击着市场情绪。

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今日早间，知情人士透露，纽约州金融服务部（NYDFS）正在调查 Pax Dollar（USDP）和 Binance USD（BUSD）稳定币发行商 Paxos，具体调查范围尚不清楚。且美 SEC 执法人员已向 Paxos 发布“韦尔斯通知”（Wells notice）。

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今日下午，监管大棒落下，纽约州金融服务部命令 Paxos Trust Co.停止发行更多的 BUSD 代币。Paxos 发言人拒绝置评，SEC 没有回复置评请求。

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币安表示，Paxos Trust Co. 告知币安其已被指示停止铸造新的稳定币 BUSD。币安发言人称：“BUSD 是由 Paxos 全资拥有和管理的稳定币，因此，BUSD 的市值只会随着时间的推移而下降。Paxos 将继续为该产品提供服务，管理赎回，并将根据需要提供额外的信息。Paxos 还保证，这些资金是安全的，并由银行的储备金完全覆盖。”

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而对于广大用户来说，人们更关心自己手中的 BUSD 是否还能维持和美元 1: 1 的价值锚定。Odaily 查询公开资料之后发现，用户手中的非 ERC-20 BUSD，并非由美元直接提供支持，而是通过跨链封装锚定发行，但这些资产储备也是链上可透明查询的。

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Paxos 稳定币 BUSD 有多合规？

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根据 Paxos 披露的信息，BUSD 由纽约州金融服务部（NYDFS）批准和管理。

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值得注意的是，USDC 和 BUSD 的发行主体均处于金融监管完善且严苛的纽约州监管之下。因此在我们一直以来的认知中，与不够透明的 USDT 相较，BUSD 和 USDC 的储备金应该是可以刚性兑付的。

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Paxos 最新的储备报告显示，截止 2023 年 1 月底，BUSD 储备资产为 16, 155, 717, 896 美元（约 162 亿）净资产。若 BUSD 全部销毁且储备属实，Paxos 足以对所有 BUSD 完成兑付。

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币安表示，Paxos Trust Co. 告知币安其已被指示停止铸造新的稳定币 BUSD。币安发言人称：“BUSD 是由 Paxos 全资拥有和管理的稳定币，因此，BUSD 的市值只会随着时间的推移而下降。Paxos 将继续为该产品提供服务，管理赎回，并将根据需要提供额外的信息。Paxos 还保证，这些资金是安全的，并由银行的储备金完全覆盖。”

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问题来了：你的 BUSD，是你以为的 BUSD 吗？

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在声明中，币安表示 BUSD 由 Paxos 发行和拥有，币安仅授权了其品牌。但需要用户注意的是，你的手中的 BUSD 与上文中讲到的或许并不相同。

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随着多链时代的到来，资产在多链间的自由流动已经普遍存在。而跨链节点则因坐拥大量原生资产成为了资产的安全隐患（无论是被盗或是主动作恶）。

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聚焦到 BUSD，该代币原生资产仅在以太坊发行，为 ERC-20 代币。

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（图源：Paxos 官网）

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这也意味着，仅在以太坊上的 BUSD 由 Paxos 在 NYDFS 的监管下为用户提供与 1: 1 的锚定担保。Paxos 官网还特别指出了部署在 Polygon、BNB Smart Chain、Avalanche 的Binance-Peg BUSD 与 Paxos 无关，不受 NYDFS 的管理。

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DeFiLlama 数据显示，目前 BUSD 流通于 31 条链，其中以太坊上有 113 亿枚正在流通，BNB Chain 上 48 亿枚正在流通。

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除以太坊外的 30 条链，所流通的 BUSD 从何而来？

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其中少部分直接从以太坊跨链而来，由跨链桥在目标链发行锚定资产，而大多数均为“B-Tokens”，即“Binance-Peg BUSD（币安封装 BUSD）”。

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（BNB Chain 上已发行约 48.5 亿的“BUSD”）

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通过区块链浏览器也可发现二者的区别，在以太坊上 BUSD 全名为Binance USD，而在 BNB Chain 则为Binance-Peg BUSD。

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对用户来说，他们所持有的Binance-Peg BUSD 由币安进行封装，即在以太坊上持有资产，并在目标链上 1: 1 铸造资产。

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（Binance-Peg BUSD 储备证明）

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这一模式被命名为 B-Tokens，包括 BTC、ETH、USDT、BUSD 在内的 97 种代币均通过这一模式完成在多链的发行。

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这意味着，用户在其他链所持有的 BUSD，并非由法币直接提供 1: 1 的储备支持，而是通过“法币——以太坊原生 BUSD——Binance-Peg BUSD”这一链条间接实现的法币储备支持。

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所有 B-Tokens 储备资产均被存放在 Ethereum 地址: 0x47ac0fb4f2d84898e4d9e7b4dab3c24507a6d503 。用户可自行在链上查证。

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尽管这一储备模式实现了透明化，但仍是“币——币”储备支持模式。这一模式并不涉及法币，Odaily星球日报向币安做出询问，币安是否将就这一储备模式主动寻求监管。

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币安对此做出回应：币安已准备好协助来自世界各地的监管机构，共同寻找建立公平竞争环境的最佳方式——消费者保护对我们所有人都很重要。我们希望围绕区块链技术创建一个可持续的生态系统。

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币安始终致力于保护我们的用户，我们与世界各地的监管机构、执法部门和行业领导者密切合作，以进一步提高行业的安全性和可持续性，同时为我们的用户提供最好的服务和保护。我们遵守世界各地监管机构的要求，我们不对任何具体业务发表评论。

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市场反应激烈

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在 BUSD 监管落地之后，市场反响激烈。CZ 并未明确表态，但对此做出侧面回应。

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今日下午，CZ 转发了一则自己的旧推文，并暗示针对 BUSD 及币安的舆论风波为 FUD、假新闻或攻击等等。

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Curve 数据显示，截至本文发布时，busd v2池发生倾斜，其中 BUSD 数量约为 1409 万枚，占比 88% ，DAI、USDC、USDT 合计占比 12% 。BUSD：USDT 汇率约为 1: 0.9966 。

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BUSD 遭受重创，但这或许只是美国监管风暴的序幕。

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TheBlock 主编表示，美国证券交易委员会（SEC）正在进行一场绝对的斗争。在美国证券交易委员会威胁要起诉后，Paxos 将停止发行 BUSD。币安审查美国管辖范围内的其他资产以下架。如果他们正在特别审查 USDC，我不会感到惊讶。几天前，一家交易所的一位高级管理人员告诉我，美国证券交易委员会实际上正在着手实施自己的加密版“长刀之夜”。

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Messari 创始人 Ryan Selkis 则情绪激烈，他公开表示，“我将与 Brian（Coinbase 首席执行官 Brian Armstrong）、Jesse（Kraken 创始人 Jesse Powell）以及其他数十人站在一起。我将花费我所拥有的每一分精力、金融和政治资本来打击加密货币的道德败坏和腐败的敌人。”

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Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of BNB (BNB) are presented below.

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