Is BUSD pegged to USD?

Excuse me, could you clarify for me if BUSD, the Binance USD stablecoin, is indeed pegged to the United States Dollar (USD)? I understand that stablecoins are designed to maintain a stable value by being tied to a specific asset, but I would like to ensure that BUSD specifically adheres to this principle and maintains a 1:1 ratio with the USD. Is there any mechanism in place to ensure this peg is maintained, and if so, could you elaborate on how it works?