BUSD Price Live Data
Binance USD today's live price is $1.00 USD with a 24-hour trading volume of $10,200,008,363 USD. Binance USD has climbed by 0% in the last 24 hours. The current ranking is #7, with a live market cap of $15,734,515,345 USD, and a circulating supply of 15,732,191,934 BUSD coins.
What is BUSD?
Binance USD (BUSD) is a 1:1 USD-backed stable coin issued by Binance (in partnership with Paxos), Approved and regulated by the New York State Department of Financial Services (NYDFS), The BUSD Monthly Audit Report can be viewed from the official website. Launched on 5 Sep 2019, BUSD aims to meld the stability of the dollar with blockchain technology. It is a digital fiat currency, issued as ERC-20 and supports BEP-2.
BUSD Use Case
Based on the price stability, Stablecoin plays an important role in transactions, payments and settlement, and Decentralised Finance (DeFi).
Here are some of the BUSD use cases:
Transfer your digital dollars (BUSD) anywhere in minutes, with low cost and on the blockchain.Trade BUSD on different exchanges and DEX.Deposit BUSD to earn an interest rate.Pay BUSD as payment for goods and services.Use BUSD as collateral and loan asset.Use BUSD as cross collateral in Futures.Store BUSD on an exchange or in a wallet.
The BUSD ecosystem has grown exponentially in 2021. The stablecoin grew from a market capitalization of around US$1B at the start of 2021, to over US$14.6B at the end of 2021. This makes it the third largest stablecoin by market cap, behind Tether and USDC. This growth is largely due to more user adoption as wallets, platforms and services, DEXes and CEXes support BUSD.
Paxos Reveals Assets Backing BUSD
In light of the TerraUSD saga, a number of stablecoin issuers have moved to disclose the assets backing their coins. As of June 30, 2022, 96% of the assets backing the Binance USD were held in cash and cash equivalents, while 4% were invested in U.S. Treasury bills, Paxos revealed.
All of the company’s cash balances are held in U.S.-insured depository institutions, while the cash equivalents are held in “U.S. Treasury bills with maturities of 3 months or less, or overnight repurchase agreements, overcollateralized by U.S. Treasury instruments.”
How can you buy BUSD?
You can buy BUSD from exchanges.BUSD is 100% backed by reserves held in either or both (i) fiat cash in dedicated omnibus accounts at insured U.S. banks and/or (ii) U.S. Treasury bills (including through repurchase agreements and/or money-market funds invested in U.S. Treasury bills). BUSD is approved by the New York State Department of Financial Services (NYDFS). BUSD is issued by Paxos Trust Company, LLC (Paxos) in partnership with Binance and can be issued and redeemed without any extra fee. Paxos issues BUSD on the Ethereum blockchain. In addition, Binance offers a wrapped BUSD token (Binance-Peg) on BNB Chain. Please note: Binance-Peg BUSD is a Binance product; it is not issued by Paxos nor regulated by the New York State Department of Financial Services.