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I understand the conversion from dollars to coin. What about coin to dollars? There’s a floor but no ceiling, so I don’t see how this is a real peg.

They address this on the site:

>bUSD is not a stablecoin. It can never be redeemed for USD, and may trade at values other than $1 for extended periods of time.

Frankly, this is better than a stablecoin since the value is locked on the blockchain forever no matter what.