Binance Says Stablecoin Partner Been Told to Stop Minting BUSD

Re:Binance Says Stablecoin Partner Been Told to Stop Minting... by Drakim on Monday February 13, 2023 @07:30AM (#34772683)

I've always been curious about this, if you have a stable coin that's in the billions like some are, can't they just put the fiat into a bank account and live on the interest rate?

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Re:Binance Says Stablecoin Partner Been Told to Stop Minting... by lxgr on Monday February 13, 2023 @08:19AM (#34773032)

You can, now that most (all?) interest rates are significantly above zero again.

This would have been significantly harder e.g. in the Eurozone before 2020.

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Re:Binance Says Stablecoin Partner Been Told to Stop Minting... by FatalLogic on Monday February 13, 2023 @09:13AM (#34773595)

Yes. For example-

The Wall Street Journal "Cantor Fitzgerald helps manage $39 billion Treasury portfolio that makes up lion’s share of stablecoin’s reserves"

https://archive.md/HL307 (https://www.wsj.com/articles/wall-street-firm-oversees-billi...)

(I am NOT endorsing that company, Tether / Bitfinex, or suggesting that anybody invests in it in any way. Just agreeing that if you have a lot of money, then you might profit from it)

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Re:Binance Says Stablecoin Partner Been Told to Stop Minting... by buggy6257 on Monday February 13, 2023 @09:23AM (#34773699)

a $1B high-yield (3.5%) savings account yields $35,000,000. Sounds like plenty to operate what is essentially a shell company plus app for managing monopoly money :)

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