The end goal is to fully decentralize the system.
Monetary transactions are being recorded on the Binance Smart Chain (BSC) from day one. (On a testnet during α and β part 1, and on the mainnet thereafter).
BUSD is cross-chain: and exists on three different blockchains: Ethereum (ERC20), BSC (BEP20) and Binance (BEP2). 20+ wallets and 36+ exchanges currently support BUSD.
📄 See dedicated document "Architecture-v1.0.6.pdf"
On-chain calculations will be centralized at the outset to allow faster iterations and fine-tuning of the algorithms. These will be decentralized and made public on-chain in 2022, and subject to the decisions of voting power holders in the DAO.