• Dogecoin Foundation Member Sounds Alarm: Mischa Boar, a chair member of the Dogecoin Foundation, expressed his concerns related to the recent Binance USD (BUSD) controversy.
• Not Your Keys, Not Your DOGE?: The New York State Department of Financial Services legally ordered to seize all production of BUSD, which is likely to gradually decrease its enormous market cap. However, Changpeng ‚CZ‘ Zhao assured that all current Binance USD (BUSD) assets are backed 1:1.
• On the Flipside: It has been proven that the SEC was heavily persuaded to dig deeper into Binance’s stablecoin by its main competitor Circle that has been issuing USD Coins (USDC) since 2013.

Dogecoin Foundation Member Sounds Alarm Over BUSD Mess

Dogecoin Foundation set up a $5M DOGE development fund and Mr. Boar advised the DOGE Army to keep the memecoin in self-custodial wallets. Mischa ‚Cannoli‘ Boar took to Twitter to express his concerns regarding the recent Binance USD (BUSD) controversy. Despite Changpeng Zhao downplaying the role of BUSD in the Binance Ecosystem, it is used everywhere on their platforms for trading pairs and derivatives with fee discounts and part of their „Binance Earn“ program with 6% APY. He warned not to invest in stablecoins long-term as it might bring additional layers of risk like issuer company liquidation and changing regulations.

What Is The Controversy About?

The New York State Department of Financial Services legally ordered to seize all production of BUSD on January 13th, 2023 which is likely to slowly reduce its enormous market cap. Changpeng ‚CZ‘ Zhao assured that all current Binance USD (BUSD) assets are backed 1:1 at least till 2024 but this probe launched by Gary ‚Top Cop‘ Gensler and SEC placed a dark cloud on Paxos-issued stablecoin.

Circle vs. Binance’s Stablecoins

It has been proven that Circle’s main competitor was behind this move as they have been issuing USDC since 2013 which ranks just below BUSD in terms of market cap with a gap of $6bn between them both. This prompted Mischa Boar’s monologue ending with „not your keys – not your DOGE“ urging people to withdraw funds held in CeFi exchange platforms due to security reasons.

What Is DogeCoin?

DogeCoin is an open source peer-to-peer cryptocurrency founded by software engineers Billy Markus and Jackson Palmer who created it as an alternative faster than Bitcoin back in 2013. It quickly gained popularity among Internet users due its fun nature symbolized by Shiba Inu dog meme from Japanese culture from which it derived its name as well as low transaction fees compared other cryptocurrencies making it one secure options for digital payments .

Conclusion

Although being a popular option for digital transactions due low transaction fees and fun nature associated with meme culture, DogeCoin users should be aware that investing in any kind of asset comes with certain levels risks depending on type security measures involved so always take time research before investing or depositing funds into crypto exchanges whether they are centralized or decentralized ones .