Binance USD (USD) is a stable coin issued by the regulated Paxos platform with the support of the Binance cryptocurrency exchange. It is pegged to the US dollar and backed by real currency in bank accounts, which is confirmed by monthly checks. Binance USD is one of the few digital currencies approved by the NYDFS (New York State Financial Services Authority).

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Binance Pool Launches 2nd Phase of Dual Savings Products
https://www.binance.com/en/support/articles/b7aef725b7e74855a19929ae2da070c2

Binance Pool Launches 2nd Phase of Dual Savings Products.