BUSD is a 1:1 USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS), issued in partnership with Paxos. BUSD was created in partnership between the largest and most trusted companies in the crypto space. Paxos and BUSD are approved and regulated by the New York State Department of Financial Services, ensuring the utmost of consumer protections. BUSD is 100% backed by U.S. dollars held in FDIC-insured U.S. banks. A top auditing firm will attest to the matching supply of BUSD tokens and underlying U.S. dollars on a monthly basis.