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What is Binance USD all about
Binance USD (BUSD) is a stablecoin created through a partnership of Binance and Paxos. It is pegged by the United States Dollar, meaning that 1 BUSD equals 1 USD. Paxos issues BUSD and holds USD needed to back the stablecoin in banks insured by FDIC (Federal Deposit Insurance Corporation). Cash backs 96% of BUSD, and the remaining 4% is backed in US treasury bills. BUSD is regulated by the New York State Department of Financial Services (NYDFS). On the official NYDFS website, it is also listed as approved for both custody and trading. Monthly audit reports on BUSD, performed by Withum, are available to download on the official Paxos website.
BUSDs are ERC-20 tokens that are also supported on BEP-2, and BEP-20. It features no exchange fee when exchanging it for some other stablecoins like USDC or PAX. Its 1 BUSD = 1 USD price is being maintained by arbitrage trading. Whenever the price of BUSD fluctuates, traders take a certain action. When the price gets lower than 1 USD arbitrageurs will buy large quantities of BUSD, driving the price back up. A reverse scenario takes place when the price of BUSD goes above 1 USD.
Neither Binance nor Paxos takes any fees for purchasing or withdrawing BUSD. The stablecoin is also easily purchasable using a bank wire transfer. Investors can use BUSD as a safe way to store their crypto assets during volatile market periods. BUSD is interoperable on the Ethereum blockchain and the Binance Smart Chain. This means that you can use it with wallets, exchanges, and smart contracts on these blockchains. Using third-party platforms, BUSD holders can also lend their BUSD and earn interest passively. Some payment service providers, like BitPay, also allow their users to simply pay with their BUSD.
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BUSD Questions & Answers
What is the Binance USD price today?
Current price of Binance USD is at 1.03 EUR.
When did Binance USD hit its highest price?
We saw the highest spike in the price of Binance USD on 2022-09-28, when it was at 1.06 EUR.
Is Binance USD popular among social media users?
0 individuals were participating in discussing Binance USD on Reddit in the last 2 days. The official Binance USD Twitter account is currently followed by 33445 people.
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