Binance USD (BUSD)
Binance USD is noteworthy as the first stablecoin to receive regulatory approval from the New York State Department of Financial Services (NYSDFS). It is worth noting that Binance USD, or BUSD, is one of the very few stablecoins that have received U.S.-based approval. Investors started taking notice, with Binance USD (BUSD) climbing its way to the top 20 cryptos in terms of marketcap. The largest cryptocurrency exchange in the world formed a partnership with Paxos in September 2019 to establish their
stablecoin called Binance USD (BUSD).
Binance USD is one of the only stablecoins in the world to be 100% backed with real-world cash reserves and cash equivalents held in various FDIC-insured bank accounts held and managed by Paxos, a leading New York-based blockchain-focused financial institution.
Uses of Binance USD:
Simply put, BUSD is a fiat-backed, fiat-regulated stablecoin that has a value equal to that of the dollar. Much like other stablecoins, Binance USD makes transactions on decentralized financial (Defi) systems more efficient, since you do not have to convert the tokens into fiat currency or use a middleman platform. BUSD is one attempt to build a U.S. Dollar-backed stablecoin, but it has a few differentiators that make it stand out from similar U.S. Dollar-backed stablecoins. Binance USD, or BUSD, is another Proof-of-Wrapped coin, often described as a token on a blockchain tied to the value of another asset –e.g., fiat currency, precious stones, stock shares, or real estate. BUSD holders are able to trade stablecoins among those blockchains according to their requirements.
Interesting facts about Binance USD:
1. Binance USD (BUSD) is not the first stablecoin, but it is definitely building itself up as one of the most used.
2. Binance USD is currently ranked the third-largest stablecoin, with a market capitalization of a little more than $18 billion.
Token Name – Binance USD
Short Name – BUSD
Total Supply – 17,547,224,379
Circulating Supply – 17.55B BUSD
How to buy Binance USD (BUSD)?
Follow the below steps to buy Binance USD,
1. Create a crypto trading account with Koinbazar global cryptocurrency exchange platform
2. Complete your KYC Verification Process
3. Add your Bank Account
4. Start to buy Binance USD with Indian Rupee (INR)