Binance USD is a USD-backed stablecoin created by the Binance exchange. BUSD is notable since it was the very first stablecoin to get regulatory approval from the New York State Department of Financial Services (NYSDFS). BUSD is a digital asset that enables users to hold real-world value in a digital asset without being subject to the extreme volatility of other cryptocurrency assets such as Bitcoin.
BUSD is tied to the US Dollar at a ratio of 1:1. Much like other stable coins, BUSD makes more efficient transactions over decentralized finance (DeFi) systems since there is no need to convert tokens to fiat and use intermediary platforms. Due to its approval from the NYSDFS, it’s very easy to acquire BUSD in the United States and as an ERC-20 token and BEP-2 token, it works conveniently with several blockchains.
Together with Paxos Trust company, Binance started brainstorming an idea to create the world’s first legitimate stablecoin collateralized by the US dollar. BUSD uses US Dollars held in Paxos Trust accounts and US banks to create and manage the collateral. BUSD complies with the NYDFS regulatory framework and also Paxos unique law enforcement function. This function allows Paxos to control the funds that move through the accounts making sure no criminal or fraudulent transactions occur.
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