A year ago, the New York Department of Financial Services (NYDFS) approved a first-of-its-kind stablecoin – Binance USD (BUSD). BUSD is the first 1:1 US dollar-backed white-label stablecoin that is approved by a regulator. It was developed in partnership by Paxos and Binance, two leaders in digital assets. Never before in this space have two companies come together to create an asset that is regulated, safe and highly liquid. And this approval came only a year after Paxos introduced the first regulated digital dollar – Paxos Standard (PAX). 

Paxos Trust Company, issuer of BUSD, is a regulated financial institution. Our name is synonymous with trust because we are a Trust company. Building regulated, trusted assets that people can easily use is a key to our long-term vision as a company. Creating BUSD with Binance through our stablecoin as a service offering was an important milestone for the industry. It demonstrated how a product with regulatory integrity and transparency can make an impact and be used seamlessly by customers of the world’s largest crypto exchange and beyond. 

Changpeng Zhao (CZ), Binance CEO, said it best: “We created BUSD with the vision to bring a safe and regulated infrastructure to a broader network of users. We’re glad to see it is facilitating more trades and transactions every day.”

And BUSD has continued to set precedent and break records: 

• We hit 1 billion BUSD issued on May 28, 2020, the fastest ever for a stablecoin – a mere 261 days after its launch
• There were only 105 days between BUSD’s first billion-token issuance and its second billion, showing even faster growth
• We’ve issued $2.4 billion BUSD issued in total
• It’s the most traded dollar-backed stablecoin. You can see BUSD’s 24-hour trading volume continually makes it a top-ten most traded cryptocurrency
• Today, more than 155,000 users hold BUSD on Binance, plus thousands more on the 30+ other crypto platforms that support BUSD
• BUSD became “greenlisted” by the NYDFS, making it pre-approved for custody and trading by any of the NYDFS’ virtual currency licensees

We’re very proud of our partnership with Binance and the ongoing success of BUSD. This is only the beginning for BUSD!  We’re excited for the years to come.