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HONEY on Berachain has been unable to be redeemed for USDC for a long time, possibly due to the depletion of the treasury's USDC.
According to BlockBeats news on May 19, super manager of the Benmo community reported that HONEY on Berachain has been unable to be normally redeemed for USDC for over 50 hours. After verification by BlockBeats, the official redemption page currently shows "USDC.e is currently exhausted. Please switch to BYUSD." Currently, there has not been a significant decoupling of HONEY, and the official redemption page shows that 10,000 HONEY can be redeemed for 9,995 BYUSD. The market capitalization of HONEY is temporarily reported at 100 million USD.