BUSD Issued by Paxos on Ethereum vs. BUSD on the BNB Smart Chain

NYDFS. These two tokens are very similar in design and reserve operations because they are regulated. Paxos and NYDFS agreed to the terms of the token in advance of issuing - this includes the stipulation that USDP and BUSD only be issued by Paxos on the ethereum blockchain at this time. 

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“Trust is not an option – it’s a requirement” – Paxos Explains its Unique Approach to Pioneering a New Market

At Paxos, our mission is to build the foundation for a financial system where all assets, from money to commodities to securities, can be digitized and moved securely and instantly. Cryptocurrencies and digital assets represent a “brave new world” in financial services. But just because something is new, does not mean it cannot be trusted. Paxos— a highly regulated financial institution with regulated product lines—was created to address this challenge head- on.

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Licensing & Registration Are Not Equal to Regulation

At Paxos, we believe the only way to establish and maintain safety and transparency for customers is through rigorous oversight from a prudential regulator. This thesis has unfortunately borne out in the reserve mix for both USDC and USDT (Tether). Both of these tokens’ reserves are backed by a significant amount of non-cash financial instruments. A prudential regulator is crucial to ensuring the integrity of products used in the crypto ecosystem, and neither USDC nor USDT has such a regulator.

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Read more about the article How Paxos is the Most Trusted Operator in Digital Asset Infrastructure
Paxos Trust Company

How Paxos is the Most Trusted Operator in Digital Asset Infrastructure

Trustworthiness is critical to our business success at Paxos. We believe that by becoming a trusted, regulated, audited infrastructure provider, we can offer the highest levels of safety, protection and security for our clients. We’ve spent years building this oversight and regulatory stack.

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