Stablecoin Binance USD (BUSD) is said to have completed $3.8 billion in total transactions and $2.4 billion issued after just one year of being live and in the wild.
BUSD was approved by the New York Department of Financial Services (NYDFS). Created in partnership between Paxos and Binance, the stablecoin is 1 to 1 backed by the US dollar.
Paxos Trust Company, the issuer of BUSD, is a regulated financial institution. Paxos is on a mission to build regulated, trusted digital assets that people can easily use. BUSD is described as an “important milestone for the industry” as it demonstrates 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.”
Paxos reports the following milestones for BUSD:
- 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
- It’s the most traded dollar-backed stablecoin. BUSD’s 24-hour trading volume continually makes it a top-ten most traded cryptocurrency
- 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