Binance said it may increase that amount to $2 billion at a point in time in the future 'if the need arises.'
It may increase that amount to $2 billion at a point in time in the future "if the need arises," the company added.
BUSD is a stablecoin issued by blockchain infrastructure firm Paxos and is approved and regulated by the New York State Department of Financial Services, according to Paxos' website. FTX's failure was triggered in part by a tweet posted by Binance's CEO which drew attention to a CoinDesk report raising questions over its accounting. Since FTX's rapidtwo weeks ago, investors have fretted over a possible crypto contagion affecting every corner of the industry.
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