Paxos powers three industry-leading stablecoins: Paxos Standard (PAX), Binance USD (BUSD) and HUSD. Each token is backed 1:1 by the US dollar and Paxos custodies all of the dollar reserves backing each of these tokens in US Treasury bills and FDIC-insured US banks. PAX and BUSD are regulated by the New York State Department of Financial Services and issued by Paxos Trust Company. HUSD is issued by Stable Universal.
PAX was first introduced by Paxos in September 2018.
BUSD and HUSD are two white-label stablecoins that Paxos has developed in partnership with Binance and Huobi, respectively.