BUSD
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Stablecoin
Asset-Backed Stablecoin
About BUSDBUSD (Binance USD) is a fiat-backed stablecoin issued by Paxos Trust Company and originally marketed by Binance that maintains a 1:1 peg to the US dollar through bank reserves and regular third-party audits. Built on Ethereum, BNB Chain, and other blockchains, BUSD provided users with compliant dollar exposure integrated deeply into Binance's trading ecosystem, enabling seamless conversion between fiat and cryptocurrency within the exchange's platform. The stablecoin benefited from Binance's massive user base and exchange integrations, enabling efficient trading pairs and settlement for both retail and institutional participants seeking dollar exposure on-chain. Launched in 2019, BUSD grew to over $18 billion in circulating supply at its 2023 peak, briefly becoming the second-largest stablecoin before experiencing significant contraction following Binance's regulatory challenges and strategic shift toward USDC adoption. In 2023, Binance announced a transition away from BUSD toward USDC, causing rapid supply decline as the exchange facilitated migration of users' holdings to USDC. Trading with declining liquidity following the migration announcement, BUSD's market significance has diminished substantially as institutional and retail users transitioned to alternative stablecoins — marking a notable example of how centralized exchange stablecoin offerings remain subject to regulatory and strategic risks despite significant initial adoption.
Assets Details
Access Model
PermissionlessRedeemable
YesAttestations
YesCEX Listed
YesKYC to mint or redeem
YesTransferable
YesSelf Custody
Yes