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BUSD is a stablecoin whose value is pegged on a 1:1 basis to USD. BUSD was Launched on September 5, 2019, with the ultimate aim of building on Dollar’s stability with blockchain technology. The token is issued by the Binance cryptocurrency exchange in partnership with Paxos Trust Company. BUSD is approved and regulated by the New York State Department of Financial Services (NYDFS). As a partner in the issuance of BUSD, Paxos Trust also serves as the custodian of the collateral assets backing BUSD. Attestation reports from Paxos’s auditing firm detailing the monthly verification of the 1:1 peg can be found here. BUSD is built as an ERC-20 token and it also supports BEP-2, a technical standard for the issuance and implementation of tokens on the Binance Chain. Both the ERC-20 and the BEP-2 standards help BUSD to facilitate fast and low-cost transactions across the globe.
BUSD can be acquired on cryptocurrency exchanges and transferred to any ERC-20 or BEP-2 compatible wallet. It can be stored, traded, or used to make purchases on platforms that support HUSD. You can explore platforms that support BUSD here.