BUSD

Binance USD (BUSD) is a stablecoin that maintains a 1:1 value with the US dollar, created by Binance in collaboration with Paxos. It has received approval and is regulated by the New York State Department of Financial Services (NYDFS). You can view the BUSD Monthly Audit Report on the official site. Introduced on September 5, 2019, BUSD was designed to combine the dollar's reliability with the advantages of blockchain technology. This digital form of fiat currency is released as an ERC-20 token and is also compatible with BEP-2.

You can buy and cash out BUSD through Paxos: (https://www.paxos.com/busd/). BUSD is entirely supported by reserves that are held either as cash in specific omnibus accounts at insured U.S. banks or in U.S. Treasury bills, including those held through repurchase agreements or money market funds invested in Treasury bills. The New York State Department of Financial Services (NYDFS) has given its approval to BUSD. Issued by Paxos Trust Company, LLC (Paxos) in collaboration with Binance, BUSD can be issued and redeemed without any fees. Paxos issues BUSD on the Ethereum blockchain, while Binance provides a wrapped BUSD token (Binance-Peg) on the BNB Chain. However, keep in mind that Binance-Peg BUSD is a product of Binance and is not issued by Paxos nor regulated by the New York State Department of Financial Services.