Berachain Co-founder: The HONEY token addresses visible on the Honey official website are fully collateralized by BYUSD.

Odaily Planet Daily News: Berachain co-founder Smokey The $Bera posted on X stating: "Noticed some concerns among APAC community members regarding the collateral risk of HONEY. The vault addresses visible on $Honey are fully custodial, and currently, the main collateral is BYUSD (the bridged version of PYUSD). If someone wants to redeem it, they can bridge to Eth and swap it on the Curve pool, or send it to Coinbase/OKX/Bybit/Crypto.com/Kraken for redemption. We will do our utmost to make it easier to do so on Berachain in the future."