Binance USD (BUSD) USD Price

Binance USD Price Data

Binance USD (BUSD) currently has a price of $1.003 and is down -0.081% over the last 24 hours. The cryptocurrency is ranked 568 with a market cap of $70.7M. Over the last 24 hours, it saw $472.6K of trading volume. The token has a circulating supply of 70.5M tokens out of a total supply of 70.5M tokens.

Binance USD (BUSD) is a stablecoin that is pegged to the US dollar on a 1:1 ratio, aiming to provide stability and trust in the volatile cryptocurrency market. It operates on the Binance blockchain platform, offering users a secure and transparent digital asset for trading and payment purposes.

Unique Features of Binance USD:

Stablecoin backed by USD

Binance USD (BUSD) is a stablecoin that provides stability in the cryptocurrency market. Unlike other cryptocurrencies, BUSD is backed by the US dollar, ensuring that its value remains constant. This stability makes BUSD a reliable medium of exchange for merchants and individuals. It can also be used as a hedge against the volatility of other cryptocurrencies, protecting funds during market downturns.

Developed in partnership with Binance

Binance USD (BUSD) is a cryptocurrency developed in collaboration with Binance, a well-known and secure exchange. The stablecoin was built by Paxos, although this partnership ended following an intervention from the New York Department of Financial Services. Currently tokens are still redeemable at Paxos until February 2024 but they can no longer be minted. Binance is also phasing out its support of the stablecoin.

Offers fast and low-cost transactions

Binance USD is a cryptocurrency that facilitates fast and low-cost transactions through its underlying blockchain technology. By eliminating the need for intermediaries like banks, BUSD enables decentralized and peer-to-peer transactions, ensuring quick processing without any slowdown from centralized institutions. One of the key advantages of BUSD is its ability to provide low-cost transactions. Unlike traditional banking systems that impose high fees for international transfers or currency conversions, BUSD allows users to avoid these expenses.

Provides transparency and security for users

Binance USD is a cryptocurrency that prioritizes transparency and security for its users. It achieves transparency by maintaining a 1:1 ratio with the US dollar, ensuring that each BUSD token is backed by an equivalent amount of US dollars held in reserve. This approach reduces volatility and promotes stability.

When was Binance USD created or founded?

Binance USD, commonly known as BUSD, was created in September 2019. It is a stablecoin created by Binance, one of the world's largest cryptocurrency exchanges, and issued by stablecoin issuer Paxos. The aim of creating BUSD was to provide stability and certainty in a highly volatile cryptocurrency market. It is a regulated, fully collateralized stablecoin backed by the U.S. dollar on a 1:1 ratio. The creation of BUSD offers users the ability to trade cryptocurrencies while having a reliable digital asset that maintains a value equivalent to the U.S. dollar.