Binance USD BUSD
Everyone who is familiar with cryptocurrency, in one way or another encountered one of the giants of cryptocurrency platforms - Binance. Today we will talk about BinanceUSD currency and tell what it can be used for.
BUSD, or BinanceUSD, is a stable coin issued by Binance in partnership with Paxos and pegged to the U.S. dollar at a 1:1 ratio. BUSD was originally issued on the Ethereum blockchain by Paxos. The principle is that Binance creates a Binance-Peg BUSD equivalent to the amount held in reserve in the smart contract, while locking the ERC-20 BUSD source code into the smart contract on the Ethereum blockchain. Binance-Peg BUSD is native to the BNB chain.
Binance USD was launched on September 5, 2019 and is designed to combine the stability of the dollar with blockchain technology. As a secured dollar, it is approved and regulated by the New York City Department of Financial Services.
A Binance spokesperson said that "the process for maintaining support ... has not always been flawless," but "has been greatly improved with enhanced mismatch checking" and BUSD now ranks 3rd in market capitalization behind USDT and USDC.
BUSD usage options
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Transfer your BUSD via blockchain anywhere in minutes with low fees.
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Trade BUSD on various exchanges and DEX.
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Deposit BUSD to earn interest.
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Use BUSD to pay for goods and services.
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Use BUSD as collateral and a loan asset.
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Use BUSD as cross collateral for futures.
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Store BUSD in an exchange or in your wallet.
How do I buy BUSD?
You can buy BUSD at many cryptocurrency exchanges. For example, BUSD is issued by Paxos Trust Company on the Ethereum blockchain and can be issued and redeemed without additional fees.
The advantage of this digital currency is that BUSD has been approved by the New York State Department of Financial Services (NYDFS) and is 100% guaranteed by fiat cash reserves in designated accounts at insured banks and/or U.S. government bonds.
BinanceUSD has been actively used by traders and investors since its launch in September 2019. It is also actively supported by companies due to its fully regulated status. Stablecoin represents a secure bridge between fiat assets and cryptocurrencies.
