Early Monday, BUSD, designed to maintain a 1:1 value with the U.S. dollar, slipped into a discount of 0.9950 against its rival tether (USDT) on Binance, according to data provided by Kaiko. Tether is the world's largest dollar-pegged stablecoin by market value.
The de-pegging to the lowest level in over a year happened after the New York Department of Financial Services ordered Paxos Trust Co, which issues and lists BUSD, to stop minting more of its tokens.
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