Not sure if Binance might enable on-platform mint and redeem in the future, and also have a mechanism to switch to the Ceffu-Ethena account to allocate funds for minting and redeeming in emergency situations. Currently, minting and redeeming are done on-chain. When the reserve pool runs out, funds are automatically transferred from Ceffu to the reserve pool. This process used to work fine, but now the volume on Binance is indeed too large. When the chain gets congested, two issues arise: first, the arbitrage traders can’t complete their cycles; second, Binance’s hot wallet can’t possibly afford hundreds of dollars in gas fees for every transaction.