Binance USD (BUSD) is a 1:1 USD-backed stable coin issued by Binance (in partnership with Paxos), Approved and regulated by the New York State Department of Financial Services (NYDFS), The BUSD Monthly Audit Report can be viewed from the official website. Launched on 5 Sep 2019, BUSD aims to meld the stability of the dollar with blockchain technology. It is a digital fiat currency, issued as ERC-20 and supports BEP-2. The BUSD ecosystem has grown exponentially in 2021. The stablecoin grew from a market capitalization of around US$1B at the start of 2021, to over US$14.6B at the end of 2021. This makes it the third-largest stablecoin by market cap, behind Tether and USDC.