Binance USD (BUSD) - a 1:1 US dollar-backed stablecoin, issued by Binance (in partnership with Paxos), approved and regulated by the New York State Department of Financial Services (NYDFS). BUSD was launched on September 5, 2019 and aims to combine the stability of the dollar with the blockchain technology. It is a digital fiat currency, issued as an ERC-20 standard token and supporting BEP-2.
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Use of Binance USD (BUSD)
Based on price stability, Stablecoin plays an important role in transactions, payments and settlements, as well as decentralized finance (DeFi). Some of the use cases for BUSD:
| Ease of use | Transfer your digital dollars (BUSD) anywhere in minutes, at low cost and on the blockchain. |
| Safety | Trade tokens on different exchanges and DEXs. |
| Deep liquidity | Deposit coins to earn interest. |
Users can also pay with tokens as payment for goods and services, use them as collateral, credit and cross-collateral in futures, and store cryptocurrency on an exchange or in a wallet.
Project ecosystem
The token is the third largest stablecoin by market cap after Ethernet and USDC. Its growth is largely driven by more user adoption as wallets, platforms and services, DEXs and CEXs support BUSD. The best wallets allow users to hold BUSD now, for example:
- Metamask;
- Trust Wallet;
- Trezor;
- Zapper.
Platforms and services such as travel booking site Travala, payment gateways such as Moonpay and Banxa, payment APIs such as Wyre and multi-currency payment services (ivendPay and Paylot) also support BUSD now. While PancakeSwap is the top DEX in the BSC ecosystem, many other top DEXs also support BUSD, including: Uniswap, Curve Finance, Ellipsis, MDEX, SushiSwap, 0x and many more. Centralized Exchange (CEX) users can also use BUSD outside of Binance with top exchanges. For users, interested in increasing yields and lending BUSD, it is available on centralized platforms such as Binance, Blockfi and Celsius, among others. Top DeFi protocols like Venus, Aave, yearn.finance and others also allow users to generate returns on their BUSD.