BUSD (Binance USD) is issued by Binance, one of the largest cryptocurrency exchanges in the world. However, BUSD is a regulated stablecoin that is backed by reserves held by Paxos Trust Company. This New York State-chartered trust company is regulated by the New York State Department of Financial Services (NYDFS). This means that the ownership of BUSD is decentralized, as it is backed by the reserve assets held by Paxos and can be used by anyone who owns BUSD.
