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With rising interest rates it should be making plenty of money

> $16b BUSD issued, 3 month tbills ~4.6%, so $713 million run rate divvied up between Paxos and Binance, of which a decent portion probably subsidized user trading fees on the /BUSD pairs

https://twitter.com/BowTiedIguana/status/1625069835645497344

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That’s exactly what they’re doing if you trust their balance sheet.

They have less than a billion in cash and the rest is t-bills and Treasury RRP.

But they don't have access to the Fed so what they are doing is operate a pseudo bank with no deposit insurance.

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