Binance USD is a highly regulated stablecoin. As a USD-dominated coin, this token is supported by the New York State Department of Financial Services (NYDFS), and Binance launched it in collaboration with Paxos. The platform launched in 2019 and was built to be safer and have a better market liquidity rate than other currencies on the blockchain.
This article will feature everything about Binance USD (BUSD) and the exciting features the platform has to offer. It will also feature the token’s price and how Binance USD works.
Binance USD is a token established on the Ethereum blockchain. The token is designed to be a stablecoin; hence it is responsible for the holding reserves of the platform. BUSD token was created to stabilize the US dollar currency with the blockchain and provide a faster transaction system for users.
Binance USD is currently the third largest stablecoin on the blockchain, and its growth can be applauded for the preferred use of the currency by crypto wallets. In 2021, the coin’s market capitalization value grew immensely. It went from $1 billion to $14.6 billion by the end of 2021. The current market cap value is $21, 564, 997, 831.
The circulating supply chain of the BUSD token is about 21, 570, 630, 489, and the current price to buy BUSD is $1. In the last 24 hours, Binance USD trading volume was as high as $7,887, 961, 661, and the price is constantly updated to USD real-time price.
Binance USD has good liquidity and appealing trading fees. It allows users to make transfer transactions in a few minutes on the blockchain. Trading BUSD is also easy to use on several exchange platforms, and users have the privilege of earning interest rates when making a deposit. The platform prioritizes security with its high-security standards; hence it is also possible to store Binance USD on any crypto wallet.
When trading BUSD, users enjoy zero maker fees and zero Transaction fees. The process of switching to other stablecoins on the BUSD platform is also free. Aside from trading, BUSD can be used as collateral and loan assets.
Binance USD was co-founded by Changpeng Zhao, James Hofbauer, and Roger Wang. Changpeng Zhao currently works as CEO of Binance USD, while Roger Wang is the chief technology officer, and James Hofbauer is the chief architect. Together they launched the platform in 2019 and have since worked towards creating better customer service and international language support on their platform.
Binance USD is a stablecoin that the NYDFS approves, and it has been green-listed by the organization as well. The monthly audits from Binance USD can be found on their official website. BUSD is very easy to add to your portfolio; there are over 300 tradable BUSD. Purchasing or selling BUSD is as easy as using the buy and sell function. The purchase rate for BUSD will always remain at 1 BUSD to 1 USD.
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