BUSD is a 1:1 USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS). It is issued by Paxos in partnership with Binance and can be issued and redeemed without any extra fee.
Paxos issues BUSD on the Ethereum blockchain. In addition, Binance offers a wrapped BUSD token (Binance-Peg) on BNB Chain.
Please note: Binance-Peg BUSD is a Binance product; it is not issued by Paxos nor regulated by the New York State Department of Financial Services.