Statement from Paxos on BUSD

Paxos is the sole issuer of BUSD, the US dollar-backed stablecoin regulated by the New York State Department of Financial Services (NYDFS) on Ethereum. BUSD is compliant with NYDFS stablecoin virtual currency regulatory guidance - all BUSD tokens are fully backed by US cash cash equivalents at all times, all reserve assets are held fully segregated bankruptcy-remote from Paxos corporate assets, Paxos follows clear tested redemption policies, and an independent third-party attests to our reserves on a monthly basis. The NYDFS oversees our BUSD operations and regularly examines our financial statements, processes and BSA/AML compliance practices. Additionally, along with its third-party attestations, Paxos provides monthly reserve transparency reports that outline the exact US Treasuries Paxos holds backing BUSD. BUSD is undoubtedly the safest, most liquid and comprehensively regulated stablecoin available today.

As with other digital assets, third parties can wrap assets on to other chains. Binance wraps BUSD to issue a pegged version on BNB, BSC, Avalanche and Polygon. Paxos does not issue these non-Ethereum versions of BUSD, but Binance makes their backing visible on chain at the following addresses:

• BNB Smart Chain contract address (BEP-20 Binance-peg BUSD):
  https://bscscan.com/token/0xe9e7cea3dedca5984780bafc599bd69add087d56

• BNB Beacon Chain contract address(BEP-2 Binance-peg BUSD):
  https://explorer.bnbchain.org/asset/BUSD-BD1

• Avalanche contract address (ERC20 Binance-peg BUSD, AVAXC):
  https://snowtrace.io/token/0x9c9e5fd8bbc25984b178fdce6117defa39d2db39

• Polygon contract address (ERC20 Binance-peg BUSD, MATIC): https://polygonscan.com/token/0x9c9e5fd8bbc25984b178fdce6117defa39d2db39