Accessible USD for Everyone
Traditional currencies are costly and slow to transfer. Even though we are living in the age of technology, there are still more than 1.7 billion adults who don’t have access to banking services. Now, we have a solution: Backed USD.
Backed USD could be used worldwide, making it accessible to anyone who has access to the internet, and because it can electronically be transferred Backed USD makes transferring value easier for everyone.
Truly Backed Stable Currency
All Backed USD tokens are pegged at 1-to-1 with USD and are backed 100% by fiat currency. Unlike other stable currencies, which are backed by various investments such as precious metals, treasury bills, corporate bonds and loans, Backed USD is 100% backed by USD cash reserves. Visit our transparency section to see the audits and reserve reports.
Discover The Ways You Can Use Backed USD
Backed USD For Individuals
Backed USD offers the ease of transferring money overseas with a few taps only. Unlike traditional currencies, Backed USD transactions cost a fraction of a cent. Discover the revolution of crypto finance with Backed USD.
Backed USD For Merchants
Integrate Backed USD to your existing services and start accepting Backed USD payments right away. Backed USD 1-to-1 peg protects your business from being exposed to exchange rate related risks.
How does Backed USD Work?
KYC Verification
An individual, exchange operator, trader or a merchant signs up and verifies their ID on Backed USD portal. Their information is checked and verified according to laws and regulations.
Issuance
After confirmation of the fiat deposit, new USDB tokens are issued in the equal amount of the deposit amount and credited to the user’s account. This way Backed USD tokens always remain 1-to-1 pegged. Users can withdraw the issued Backed USD right away and start using.
Fiat Deposit
Verified user deposits USD to the Backed USD’s bank accounts.
Transactions
Users can transfer Backed USD, use it for payments or investment purposes.
Redeem USD
Users can login to Backed USD’s portal and deposit Backed USD tokens. The deposited Backed USD tokens are burned and removed from circulation. Equivalent amount of USD is then transferred to the user’s bank account.
Stable, Transparent and Truly Backed
Backed USD is the first stablecoin that keeps 100% USD reserve. Every Backed USD in circulation has its fiat equivalent USD kept in the reserves. Each month Backed USD reserves are being audited by one of the largest audit firms, Ernst & Young. Below you can see the previous and most recent audit reports.
USDBF.A.Q
What is Backed USD (USDB)?
Backed USD is a stablecoin, which is a type of cryptocurrency or digital asset and USDB is the ticker of the Backed USD. Backed USD’s price doesn’t fluctuate and it is always 1-to-1 pegged with USD.
Digital assets are subject to a number of risks, including price volatility. Transacting in digital assets could result in significant losses and may not be suitable for some consumers. Digital asset markets and exchanges are not regulated with the same controls or customer protections available with other forms of financial products and are subject to an evolving regulatory environment. Digital assets do not typically have legal tender status and are not covered by deposit protection insurance. The past performance of a digital asset is not a guide to future performance, nor is it a reliable indicator of future results or performance. Additional disclosures can be found on the Legal and Privacy page.
Backed USD Internet Financial, LLC (NMLS ID# 1201441). Backed USD Internet Financial, LLC is licensed as a Money Transmitter by the New York State Department of Financial Institutions and to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. Texas customers click here for information about filing complaints. Maryland customers click here for information about filing complaints.