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BUSD is pegged at $1, with a minimal deviation of a few cents since its launch in September 2019, except during the March 2020 market crash. BUSD reached a high of $1.11 and an all-time low of $0.88 within 24 hours during the pandemic crisis. Paxos manages its issuance through the burning of BUSD for cash redemptions and minting more BUSD for U.S. dollar deposits. There is no cap on the supply, as it is determined by the funds held by Paxos. As of May 2022, BUSD was ranked 4th largest stablecoin by market cap, following Tether, USDC, and TerraUSD (UST).
BUSD operates on the Ethereum blockchain and follows the BEP-2 standard of the Binance Chain. It can be acquired by wiring funds to Paxos or by exchanging on platforms such as Binance.
Binance handles the trading of BUSD, but issuance is managed by Paxos. Binance frequently promotes BUSD with perks like fee exemptions for BUSD trading pairs, and neither Binance nor Paxos imposes fees for purchases or redemptions. Paxos keeps the fiat funds in a trust and stores it in FDIC-insured US bank accounts, with a 1:1 backing claim for every BUSD issued. Independent attestations from an auditor verify that the funds equal the total supply of BUSD and are held in bank accounts or invested in US government debt. These attestations are not audits and only confirm that Paxos held the funds at a specific moment.
