Binance USD (BUSD)
|Volume / Market Cap||0.72|
|Total Supply||16,183,204,026 BUSD|
Binance USD is currently trading at $1.0004, after a price change of 0.03% in the last 24 hours.
Ranked as cryptocurrency #7 by capitalization today, BUSD market cap is valued at $16,188,585,932. BUSD trading volume reached $11,672,808,925 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on BUSD coin price prediction page.
What is Binance USD?
Binance USD is a stablecoin having a one-to-one relationship with the United States Dollar. Since it is backed by an asset whose value fluctuates outside the crypto environment, it is a non-correlated asset that reduces financial risk. It came into being in 2019, as a result of a collaboration between Paxos and Binance.
A trader can easily access this coin through Binance or Paxos. You can purchase it using fiat currencies. Without diverging from the blockchain, you can turn your crypto coins into assets having a stable value. BUSD lets you transfer funds internationally while paying no transaction fees. Since the coin operates on multiple networks, you can effortlessly swap your assets between them as required.
There is no single consensus mechanism for BUSD since it uses multiple networks. This coin is regulated by authoritative bodies and the minting and burning processes are carried out with utmost care. You can send your BUSD tokens to Paxos, who can burn them and provide you with an equivalent amount of USD.
The advantage of Binance USD lies in the fact that you can use it outside the Binance environment.