Paxos announced on its official Twitter account on Dec.28 that it is the sole issuer of BUSD. The token is controlled by the organization, and it is regulated by the New York State Department of Financial Services (NYDFS).
Paxos opens up about BUSD token
Paxos has given the public more details on BUSD. According to the tweet, BUSD is built on Ethereum and pegged to the US dollar. Reserve monies are maintained in a bank account wholly segregated in the event of liquidation.
Source: https://crypto.news/paxos-releases-fresh-statement-on-busd-stablecoin/