On August 26, 2026 MEXC announced that its 1:1 swap was complete, named the TRON address as previous and the BNB address as new, and warned that old-token deposits and further exchange swaps would not be supported. This is firm evidence about MEXC custody, not a universal proof that every holder migrated.
On September 4, 2026, the old contract reported 3.391B while the new contract reported about 753.363M. The old standingOwner resolved to the contract itself; the new contract had an external owner. The materials reviewed did not map locked, burned and migrated balances, so neither summing the two nor treating them as exact mirrors is justified.
The new owner controls the conditions for trusting messages from other chains. The BNB token uses the LayerZero OFT pattern and enforces a 12B maximum. The reviewed deployment is not a proxy, but its owner can set remote peers, the LayerZero delegate, message options and an inspector. Those choices determine which cross-chain messages the token accepts.
The materials reviewed do not document REAL as an RWA or identify a price or property oracle. Other operational questions remain unresolved: who controls the BNB owner key, how the team reconciles migration, who measures reward volume, and which entity owes users anything if the social apps or bridge fail. These gaps limit what can be said about decentralization; they do not establish that the underlying arrangements do not exist.