Binance USD (BUSD)

Binance USD (BUSD) is a 1:1 USD-backed stablecoincoin launched by Binance (in collaboration with Paxos), which has been authorized and governed by the New York State Department of Financial Services (NYDFS). The official website offers access to the BUSD Monthly Audit Report. BUSD, which was introduced on September 5, 2019, attempts to combine the stability of the dollar with blockchain technology. It is an ERC-20-based digital fiat money that supports BEP-2.

Stablecoin plays an essential role in transactions, payments, and settlement, as well as Decentralized Finance, because of its price stability (DeFi).

Here are some BUSD usage cases:

• Transfer your digital dollars (BUSD) anywhere in minutes, at a minimal cost, and on the blockchain.

• Trade BUSD on various exchanges and DEX.

• Deposit BUSD to receive interest.

• Pay BUSD in exchange for products and services.

• Utilize BUSD as a lending asset and as collateral.

• Utilize BUSD as cross collateral while trading futures.

• Store BUSD in your wallet or on an exchange.

In 2021, the BUSD ecosystem has developed significantly. The stablecoin's market value increased from over US$1 billion at the beginning of 2021 to over US$14.6 billion at the end of 2021. This places it third in terms of market capitalization, after Tether and USDC. This increase is mostly due to increased user adoption since Binance coin is supported by wallets, platforms and services, DEXes, and CEXes.

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