What is Binance USD?
Binance is one of several available cryptocurrency exchanges. In partnership with Paxos, it has created its cryptocurrency token, the Binance United States Dollar (BUSD). As a stable coin, the BUSD has a value equal to that of the United States Dollar. It seeks to combine the dollar’s stability with blockchain technology. It is an ERC-20 (Ethereum Request for Comment) cryptocurrency that also supports BEP-2 (Binance Chain Evolution Proposal 2). This compatibility means that the coin meets technical specifications for both the Ethereum environment and the Binance environment. It is seamlessly tradable in both ecosystems. It also makes it easy to store in an Ethereum wallet and creates the opportunity for very low cost, high-speed transfers.
One reason for the existence of stable coins like the BUSD is that on some exchanges, it’s not possible, usually due to regulatory controls, to trade fiat dollars for cryptocurrency. Stable coins like the BUSD are critical elements of decentralized finance. There are several use cases for the BUSD that support this. For instance, a user can use the BUSD to transfer digital dollars anywhere in minutes at a low cost and on the blockchain. It also offers a stable basis of comparison for trading other currencies.
The approval and regulation of the New York Department of Financial Services secures consumer protection when it comes to the BUSD. The dollars that back the BUSD are also held in Federal Deposit Insurance Corporation-insured banks. This further contributes to consumer security when it comes to BUSD.
There are two primary ways to acquire BUSD. United States Dollars can be converted, or numerous other types of cryptocurrency can be traded for it. There are no fees on the part of Binance or Paxos when it comes to the purchase or redemption of Binance United States Dollars. Banking or wire transfer fees may apply from outside of Binance or Paxos.
What are Binance USD Frequenty Asked Questions?
Where does Binance USD (BUSD) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Binance USD currently ranks in position 7 out of the thousands of cryptocurrencies. It is also important to consider Binance USD‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Binance USD has a market cap of $ 21,709,322,777, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 373,227,215,031, Litecoin at $ 3,763,920,945, Ethereum at $ 160,335,674,066, Tether at $ 68,336,000,212, and XRP at $ 25,882,328,948.
What is the price of Binance USD (BUSD) today (updated in realtime)?
The current price of Binance USD is $ 1.00 in USD. (The price in Euros is 1,02 €; and the price in Bitcoin is Ƀ 0.00005142 BTC.)
What is Binance USD‘s (BUSD) market supply?
The total available supply of Binance USD is 21,685,495,878 BUSD. The total supply of Binance USD is 21,685,495,878 BUSD.
What is the 24 hour volume for Binance USD (BUSD)?
The 24 hour volume for Binance USD is $ 5,835,973,950.
How has Binance USD (BUSD) performed recently?
Binance USD‘s price has increased in the last 24 hours by 0.08%. This compares with a seven day change of 0.03%. The trading volume over the last 24 hours was $ 5,835,973,950. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Binance USD (BUSD) official website?
Links to Binance USD‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Binance USD (BUSD) performed well historically?
Here is a chart showing how Binance USD has performed historically.
Where Can I Buy Binance USD (BUSD)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
Binance USD News
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