What is Paxos (BUSD)?

Paxos will serve as the USD custodian and issuer of BUSD. “Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin,” said CZ (Changpeng Zhao), Binance CEO.

Is Paxos regulated?

Very few operators in digital assets have the rigorous oversight that Paxos has pursued. Today, Paxos issues two US dollar-backed stablecoins – Pax Dollar (USDP) and Binance USD (BUSD) – that are overseen by the NYDFS. These two tokens are very similar in design and reserve operations because they are regulated.

When will BUSD be able to be redeemed by Paxos?

BUSD will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024. New and existing Paxos customers will be able to redeem their funds in US dollars or convert their BUSD tokens to Pax Dollar (USDP), a regulated US dollar-backed stablecoin also issued by Paxos Trust.

Does Paxos Mint BUSD?

Paxos no longer mints new BUSD, but allows customers to redeem BUSD for USD or convert their BUSD to USDP. Learn more. Paxos and BUSD are approved and regulated by the New York State Department of Financial Services, ensuring the utmost of consumer protections.