Binance USD (BUSD) (BUSD) is a relatively new stablecoin that is denominated in USD and backed by the New York State Department of Financial Services (NYDFS). This project was born out of a collaboration between Paxos and Binance The BUSD network is supported by funds held in fiat currency on dedicated accounts in highly insured financial institutions in the USA.
According to the whitepaper, the protocol aims to transfer currency globally, quickly and cost-effectively on the blockchain. In addition, the Binance USD protocol aims to create a world-class digital currency exchange platform that will determine the future of stablecoins.
The Binance USD project aims to solve the numerous problems of the current cryptocurrency exchanges, and these problems are as follows:
Inefficient Technical Architecture: A large number of exchanges have excellent technical architects, however they have little understanding of the cryptocurrency sector or have no experience in finance or running fintech companies.
Insecure platform: it is about platforms that build financial modules not in accordance with high security standards and does not try to prioritize the issue of securing funds.
Lack of market liquidity: Professional traders and regular users are often concerned about poor market liquidity, which is generally costly.
Poor Customer Service: The Binance team is committed to sharing responsibility with all staff and the company. When platform users encounter a problem, they are answered by a person who is directly familiar with the operation of the system.
Poor internationalization and linguistic support: the international multilingual team that has been built over the years has rich and comprehensive work experience and supports the platform smoothly in all markets in which it operates.