BUSD are fiat-collateralized Stablecoins. BUSD is 100% backed by fiat and equivalent assets, it has a centralized management mechanism and buyback to maintain the stability of the token price in the market. BUSD is one of the most used stablecoins in the market.
Launched in September 2019, Binance USD (BUSD) is a fiat-collateralized stablecoin launched in collaboration between Binance and Paxos. BUSD is the frist stablecoin launched as part of Binance's Venus project. It was also revealed at the time of launched that NYDFS had approved the new offering, which Binance is launched in partnership with the Paxos.
BUSD is issued by $2, a New York-regulated financial institution. Led by CEO and Co-Founder $2, the Paxos team consists of individuals from various backgrounds and experiences ranging from Wall Street to Silicon Valley.
BUSD was built to improve the larger financial ecosystem by creating a frictionless global network where digital assets can be mobilized with significantly increased speed, flexibility, and accessibility.
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