BUSD is a 1:1 USD-backed stablecoin approved by the New York Department of Financial Services (NYDFS). It is jointly issued by the Paxos Trust Company. Its issuance and exchange do not require any additional fees. Runs on-chain on Ethereum and Binance as a BEP-2 token. BUSD is directly sold on Paxos.com at a price of 1:1. Centralized trading platforms Binance.com and Binance US, as well as non-custodial trading platforms Binance DEX and Uniswap have been included in BUSD, issued by Binance Exchange. The full English name is Binance USD. The total supply is 8,011,285 BUSD.
As a stable coin, each BUSD coin circulating in the market has a corresponding USD 1 asset deposited in the bank. With the iron law of "total amount of endorsed assets >= total issuance of BUSD coin", an independent first The three-party accounting firm audits the assets and regularly discloses the audit results.
BUSD coin is also the first stable coin with its own independent client APP, which supports QR code scan code payment, payment collection, transfer and other functions, to meet customers' needs for payment, landing merchant consumption, online shopping, offline shopping and other functions. The application needs of large-scale industry consumption, cross-border payment, and various blockchain transaction media are a new type of payment method driven by blockchain. The BUSD stable currency is a reliable way to efficiently transmit value. Using BUSD based on blockchain technology for payment will make the entire payment activity very efficient. The cost of all middlemen or intermediaries will certainly be cut as well. Let's make an assumption. Suppose A and B want to transfer money to each other. Through BUSD, the payment can be completed in a few minutes. In the future, we may also be able to complete the payment within 1 minute, or it may be possible to complete the payment immediately, while in the traditional banking system, you need to go to Bank A, it may be another SWIFT system, you need to go to Bank B, especially in the cross-border system. It takes a long time to make payments or purchases in other places. And now, we can shorten these things to just one step through the blockchain. The result is a real increase in efficiency, improved performance and lower costs. The most important thing is that operating through the blockchain can reduce some system risks.
At present, BUSD coin has reached a strategic partnership with overseas merchants, and actively builds and improves the existing stablecoin ecosystem. In the future, it will provide customers with more application scenarios and promote the development of blockchain payment towards consensus.