Binance USD (BUSD) is a 1:1 USD-backed stablecoin issued by Binance, in partnership with Paxos, and approved and regulated by the New York State Department of Financial Services (NYDFS). BUSD emerged as a major stablecoin option in cryptocurrency markets, aided by its prominent use in Binance and other services associated with the centralised exchange.
Binance USD was launched in September 2019 as a Binance-branded stablecoin that aims to combine the stability of the dollar with blockchain technology. Since its launch, BUSD has been incorporated as a stablecoin of preference within the network of Binance’s products and services, while also gaining support from major DeFi platforms, crypto wallets, and other services outside of Binance’s control.
A Binance USD unit is generated through depositing US dollars on the Paxos platform, which ensures the 1:1 US dollar backing of the stablecoin. BUSD uses the Ethereum blockchain, issued as an ERC-20 token. In addition, Binance offers a Binance-Peg version of BUSD (not issued by Paxos) on Binance Smart Chain and Binance Chain blockchains for transactions, supporting the BEP-2 and BEP-20 token standards.
What is Binance USD used for?
Binance USD is used for transferring digital dollars, trading on exchanges, providing liquidity to DeFi platforms, paying for goods and services from merchants that use the token, and more.
The Binance USD price is $0.99945408, a change of 0.01% over the past 24 hours as of 5:00 p.m. The recent price action in Read more... Binance USD, which is also known as BUSD, is a U.S. dollar stablecoin issued by crypto exchange Binance and blockchain company Paxos Trust.
Currently, Tether USDt is priced at $0.9996895 per USDT, with a circulating supply of 112.94B USDT, resulting in a total market capitalisation of $112.91B.
To check Binance USD's price live in the fiat currency of your choice, you can use Crypto.com's converter feature in the top-right corner of this page. The Binance USD price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies.
On June 13, 2023, Binance.US began its transition to a crypto-only exchange, which means we no longer accept USD deposits and withdrawals for the time being — until we are able to secure stable banking partners. Binance.US completed this transition on July 21, 2023.
Convert is a crypto converter feature that enables direct crypto-to-crypto or crypto-to-USD conversions. Customers can easily and directly convert their existing crypto assets to another cryptocurrency or USD, instantly and with zero transaction fees.
Binance USD (BUSD) A 1:1 USD-Backed Stablecoin Approved By NYDFS With Paxos. BUSD is a 1:1 USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS). It is issued by Paxos in partnership with Binance and can be issued and redeemed without any extra fee.
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