Binance USD (BUSD) is a stablecoin backed 1:1 by the US dollar and issued by Binance in partnership with Paxos. It is a digital fiat currency that supports both ERC-20 and BEP-2 protocols. BUSD aims to blend the stability of the dollar with the efficiency of blockchain technology to facilitate transactions, payments, and settlement, especially in decentralized finance (DeFi). With over US$14.6B market cap, BUSD has grown exponentially due to increased user adoption, with plenty of wallets, exchanges, platforms, services, and DeFi protocols supporting it. Paxos regularly audits the assets backing BUSD, which are primarily held in cash and cash equivalents and US Treasury bills.