Paxos and Binance created the stablecoin BUSD. Paxos uses blockchain technology to provide its Stablecoin as a Service offering to third-party enterprises. It previously created PAX Gold, a gold-backed stablecoin (PAXG).
BUSD is a fiat-backed stablecoin that is connected to the US dollar on a technical level. Paxos maintains a supply of US dollars equal to the whole amount of BUSD in custody, which acts as reserves in FDIC-insured US banks or is backed by US Treasuries.
BUSD has three important transaction characteristics: accessibility, flexibility, and speed. The cryptocurrency may be purchased on Paxos or Binance. Users may buy them through Binance’s exchange or fiat gateway services, or they can pay a sum in US dollars to Paxos, which creates additional BUSD tokens.
BUSD also provides users with flexibility by allowing them to swiftly convert their crypto holdings into stable assets without leaving the network. Finally, by utilising BUSD, a user may swiftly and cheaply transmit money over the world.
