About BUSD
Binance USD (BUSD) is a stablecoin, so its value is pegged to a fiat currency — in this case, the US dollar.
BUSD was launched in September 2019 as part of a joint partnership between Binance and blockchain and finance company Paxos, headquartered in New York. The partnership entails Paxos holding the equivalent of fiat USD in reserve for every BUSD stablecoin in circulation.
This very strict accounting and reconciliation process necessitates a monthly audit in order to verify the safety of investors’ funds, as well as other security measures put in place by the New York Department of Financial Services (NYDFS) and other regulatory agencies.
Additionally, BUSD is one of the only existing fiat-backed stablecoins with records that verify the security of its physical reserves. Because of this, BUSD is considered one of the safest among the top stablecoin in existence.
BUSD is used as a means of payment that can be sent internationally and verified on the public blockchain ledger within seconds. Today, with more than 3 million active holders and 18 billion coins in circulation, BUSD is accepted as payment by a variety of businesses and individuals globally.