$MISSBUSD is a memorial memecoin for the stablecoin we lost. He was 1:1 with the dollar. He was loved. He was issued by Paxos and adored by Binance and used by everyone with a brain that wanted to skip a trading fee. Then the NYDFS came. And then he was gone.
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We did not appreciate BUSD while he was here. We were too busy farming, swapping, and complaining about gas. We see that now. We have had time to reflect. Below: six things he gave us, freely, every day, until he could not anymore.
BUSD was 1:1 with the dollar, not "approximately 1:1," not "1:1 most days." A flat, unwavering, cooperative dollar. We took this for granted. We see now what we had.
BUSD was issued by Paxos under New York DFS supervision. He had monthly attestations. He had auditors who actually answered the phone. He was, by stablecoin standards, gainfully employed.
Binance gave you free spot trading on BUSD pairs. We saved millions of basis points. We never said thank you. Now Binance gives you free trading on FDUSD instead and FDUSD is fine but he is not BUSD.
BUSD never depegged. BUSD never had a "stress event." BUSD never trended on Twitter for the wrong reasons. BUSD was the last stablecoin who let you sleep at night. His silence was a gift.
Until the very end, you could swap him for a real dollar. There was a phone number. There was a website. There was a person on the other side of an email named, statistically, Jennifer.
By the end, BUSD had a market cap of $23B and the affection of a generation of traders who couldn't pronounce "Paxos." He was, frankly, our favourite. We are not over it.
The Stable Times ran the obituary on page A1 with a black border around the masthead. The masthead was already black, and the border was somehow blacker. The newspaper sold out that day. The sellout was a tribute.
"He is survived by his issuer, Paxos;
his admirer, Binance;
and approximately $300M in unredeemed balances
belonging to people who didn't read their email."
The funeral was a small, private affair. Only stablecoin issuers were invited. Tether sent flowers. USDC did not. We do not yet know how to feel about that.
The tombstone we commissioned. The candle vigil we held. The missing-person poster we posted around the neighbourhood, hoping someone, somewhere, had seen our friend.
The chart of BUSD's price is short. It is also boring, which is exactly the highest compliment a stablecoin can receive. For five years, it sat at $1.00 with the gentlest of wobbles. Then in February 2024, the line stopped.
It did not crash. It did not de-peg. It did not panic. It just stopped. Like a person who walked into a room, sat down, and did not get up again. The line is still $1.00 in our hearts.
Some say BUSD is still alive in the redemption queue. Some say BUSD is in another stablecoin, smiling, with FDUSD next to him. Some say the line will start again. We hold $MISSBUSD because we do not know which is true.
The funeral followed an eight-part order. We held a moment of 1:1 silence. We read from the original BUSD whitepaper. We sang a hymn we wrote that morning. The hymn was called "Stable, Stable My God."
The eulogy was delivered by Binance. Binance did not cry. Binance did not look up. Binance read the eulogy in monotone and walked off the podium. We respected this.
BUSD is issued by Paxos under New York DFS oversight. Binance gives him a logo, a yellow circle, and a job. He starts at $1.00. He continues at $1.00.
BUSD grows. He hits $5B, then $10B, then $20B, then $23B. He never depegs. He has monthly attestations. We assume nothing will ever change. We are wrong.
NYDFS instructs Paxos to stop minting new BUSD. The phone call lasts 11 minutes. Paxos releases a statement. Binance releases a sigh. We refresh CoinMarketCap.
Redemptions are still open but minting is over. The market cap shrinks weekly. We watch the chart go from $16B to $9B to $4B to $1B. We say "next week we'll redeem." We don't.
Paxos formally ends BUSD support. The redemption window closes. The last attestation is filed. The yellow circle is greyed out on Binance's interface. Our phones buzz. We open them. We close them.
$MISSBUSD launches as a memorial. Liquidity locked. Mint terminated. We pay our respects with green candles. The chart is up. He would have liked that. R.I.P.
i still have 4.21 BUSD in an old wallet. it just sits there. i can't bring myself to redeem it. i don't even know if redemptions are open. i'm afraid to check. i think i'm just keeping it to keep him.
was looking at my old binance screenshots from 2021 and saw BUSD in the trade pair list and got a little misty-eyed. didn't think a stablecoin could do that to me. apparently they can. holding $MISSBUSD.
i remember the zero-fee BUSD pairs. i remember swapping in and out 200 times a day to farm a tiny edge. i was a child then. BUSD let me be a child. nothing free will ever feel as free as that.
i actually redeemed mine. i got real dollars. i should be happy. instead i feel like the guy at the funeral who admits he didn't really know the deceased. i did know him. i just didn't keep him.
Pre-rendered. All static. No animations, because some things are meant to stay still. Drop into Dexscreener. Walk away. Light a candle if you have one.
token-500.png as the icon.token-100.png as profile (still — no GIFs).token-600x200.png as the banner.hero.jpg — graveyard scene with tombstone.tombstone.jpg — full headstone with wreath.candle-vigil.jpg — seven candles + framed photo.obituary.jpg — newspaper obituary page.missing-poster.jpg — "have you seen this stablecoin?"last-chart.jpg — Feb 2024 flatline chart.funeral-program.jpg — folded service program.