1. The Bridged USD Coin (BUSD) is a stablecoin that is issued on the Wormhole Ethereum blockchain by the Paxos Trust Company.
2. Its primary function is to provide a bridge between the Ethereum and Solana blockchains, allowing for seamless interoperability between the two ecosystems.
3. BUSD is pegged to the US dollar at a 1:1 ratio and is backed by reserve assets held in custody by Paxos Trust Company.
4. It offers fast transaction speeds and low fees compared to traditional cross-chain bridges, making it an attractive option for developers and users alike.
5. As of now, BUSD has a circulating supply of over 3 billion tokens with a total value locked (TVL) on Wormhole Ethereum exceeding $80 million.
6. It is used in various DeFi applications like lending platforms, decentralized exchanges, and other blockchain-based services that require a stable currency.
7. BUSD aims to provide an alternative to centralized bridges by offering a decentralized solution with greater security, transparency, and reliability.
8. Paxos, the issuer of BUSD, is regulated by various financial authorities like the New York State Department of Financial Services (NYDFS) and the Malta Financial Services Authority (MFSA). This regulatory oversight helps provide trust and confidence to users.
9. BUSD is also listed on several major cryptocurrency exchanges, including Binance, Coinbase, and KuCoin.
10. It has seen steady growth in adoption as more developers and users recognize the benefits of using a stablecoin for cross-chain transactions.
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