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What is BUSD? - Explanation:

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Hi guys, “What is BUSD ?”. This is some information for you to build your knowledge. Paxos and Binance launch BUSD as a stablecoin, offered as a service to external businesses using blockchain technology. To maintain stability, these technology exchanges have produced stablecoin called PAX Gold, and backed by gold (PAXG). Both BUSD and PAXG tokens are sponsored and controlled by the New York State Department of Financial Services.

BUSD is classified as a stablecoin because it has a fixed exchange rate with the US dollar and is backed by money. A certain amount of US dollars is held in Paxos equivalent form, and the entire amount of BUSD issued is held as a reserve in FDIC-insured US banks or US Treasury securities. The price of BUSD will be changed proportionally to the price of USD. This is the most typical and oldest stablecoin.

Typical benefits of BUSD are speed, accessibility, and adaptability. On the Paxos or Binance side, getting tokens is extremely simple; you can buy them through various types of exchange services or fiat gateways of the Binance exchange, or you can pay Paxos to be able to generate more. BUSD tokens to you by depositing US dollars.

Typical benefits of BUSD are speed, accessibility, and adaptability. On the Paxos or Binance side, getting tokens is extremely simple; you can buy them through various types of exchange services or fiat gateways of the Binance exchange, or you can pay Paxos to be able to generate more. BUSD tokens to you by depositing US dollars.

BUSD is distributed through Paxos on the Ethereum network platform. This also has the BNB chain available, which is explained as the Binance-Peg BUSD token from Binance. Through the Binance platform, BEP-20 is generated by minting fixed BUSD tokens, each of which corresponds to a BUSD token held by Binance and held on the Ethereum blockchain. Holders of BUSD (ERC-20) and BUSD (BEP-20) can exchange their tokens between blockchains as needed. This can be done through Binance Bridge or on Binance exchanges when a user makes a withdrawal.

With a firm statement, it is a disclaimer: to answer the user's question "What is BUSD?"  we further emphasize the following meaning: "Binance-Peg BUSD is a product offered and issued by Binance and Paxos, and the New York State Department of Financial Services is not able to regulate it."

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