Binance USD (BUSD)
- Category: Binance Smart Chain Ecosystem
- Coin Launched: September, 2019
- Resources: White Paper
- Official Website: Binance USD
- Reddit: Binance USD
BINANCE USD History / Information / Buying / Staking
BINANCE USD HISTORY
Launched in September 2019, Binance USD (BUSD) is a fiat-collateralized stablecoin launched in collaboration between Binance and Paxos. BUSD is the frist stablecoin launched as part of Binance's Venus project. It was also revealed at the time of launched that NYDFS had approved the new offering, which Binance is launched in partnership with the Paxos.
HOW BINANCE USD WORKS
Binance USD are digitised US Dollars and are always purchased and redeemed at 1 BUSD for 1 US dollar. Binance and Paxos don't charge a fee for the purchase or redemption of Binance USD (BUSD) However bank charges/wire fees may apply. Transfer globally, fast and low-cost.
BENEFITS OF USING BINANCE USD
Some of the benefits of using Binance USD are:
Paxos and BUSD are approved and regulated by the New York State Department of Financial Services, ensuring the utmost of consumer protections.
BACKED BY DOLLARS
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).
DEVELOPED IN PARTNERSHIP WITH BINANCE
BUSD was created in partnership between the largest and most trusted companies in the crypto space.
A top auditing firm will attest to the matching supply of BUSD tokens and underlying U.S. dollars on a monthly basis.
CAN YOU STAKE BINANCE USD
Users can earn rewards for supported chains by simply holding coins in their Binance Accounts. Vechain, Algorand, Tezos, and Atom are some popular coins to stake on Binance.
COINS SIMILAR TO BINANCE
Binance's top competitors include Coinbase, Kraken, Bibox, Bithumb, Bittrex and Huobi.