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Binance USD
About Binance USD
BUSD is a stablecoin issued by Paxos and supported by Binance. It is backed by U.S. dollar reserves held in insured U.S. banks, Treasury bills, and money market funds, and is regulated by the New York State Department of Financial Services. BUSD is issued on the Ethereum blockchain as an ERC-20 token and on the BNB Chain as a BEP-20 token, and can be used for hedging against volatility, stable price-pegging, remittances, crowdfunding, payments, lending, borrowing, and other financial services. Its value remains stable through fiat currency reserves, and traders can use arbitrage to bring it back to its peg if its price moves away from $1.
Binance USD (BUSD) is a stablecoin, meaning a digital currency that attempts to offer investors price stability through a mechanism that allows it to remain pegged to the value of a specific asset. BUSD’s value remains stable through fiat currency reserves. BUSD is a regulated stablecoin, with each BUSD in circulation being backed by one U.S. dollar held in reserve. The token is issued by Paxos, which releases monthly attestation of BUSD’s reserves to show BUSD is 100% backed by reserves. These are either held in cash at insured U.S. banks, via U.S. Treasury bills, and money market funds.
BUSD is a stablecoin created by Paxos and cryptocurrency exchange Binance. The stablecoin is approved and regulated by the New York State Department of Financial Services, which helps ensure customer protections. Paxos, the company behind the Paxos Gold (PAXG) token, issues BUSD on the Ethereum blockchain, while Binance offers a Binance-pegged version of the stablecoin on the BNB Chain. This version is offered by holding BUSD in an Ethereum blockchain address and minting BUSD on the BNB Chain, effectively backing the tokens on the BNB Chain with ERC-20 BUSD. Paxos has the right to freeze accounts and remove funds if needed due to illicit activity.