Binance USD Price (BUSD)#7
The market capitalization of a cryptocurrency is its current price multiplied by its circulating supply (the total number of mined coins).Market Cap = Current Price x Circulating Supply.
Volume 24h is referring to the total amount of a cryptocurrency traded in the previous 24 hours.
Available supply or circulating supply is the best approximation of coins or tokens in circulation and publicly available.
The total supply of a cryptocurrency is referring to the total amount of coins in circulation or locked minus the removed ones.Total supply = Onchain Supply - Coins Removed from Circulation
The fully diluted market value is referring to a cryptocurrency's market cap when/if its total supply is issued.
Binance USD Price Update
Binance USD price is $0.999333 , down 0.16% in the last 24 hours, and the live market cap is $20.9B . It has a circulating supply volume of 20,882,575,008 BUSD coins and a max. Supply volume of 20,882,575,008 BUSD alongside $20.9B 24h trading volume.
The addresses and transactions of Binance USD can be explored in https://etherscan.io/token/0x4Fabb145d64652a948d72533023f6E7A623C7C53 and https://ethplorer.io/address/0x4Fabb145d64652a948d72533023f6E7A623C7C53 .
Binance USD website is https://www.paxos.com/busd/.
About Binance USD
Stablecoin trading is among Decentralized Finance (DeFi)products that play an essential role in the massive adoption of DeFi. Stablecoins are cryptocurrencies pegged to any perceivably stable asset, for instance, a digital asset like Bitcoin (BTC) or a fiat currency like the US dollar. Binance USD (BUSD) is among the main stablecoins widely used today.
Check the Binance USD (BUSD) live price, 24-hour trading volume, market cap, circulating supply, total supply, historical statistics, etc., along with in-depth information on several of the biggest and fastest-growing cryptocurrencies on CoinStats, one of the best crypto platforms around.
CoinStats is a cryptocurrency research and portfolio tracker app that provides investment advice and valuable information on cryptocurrencies, including their real-time prices, to help investors make better decisions.
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What Is Binance USD
Binance USD is a 1:1 USD-backed stablecoin developed in partnership between Binance and Paxos and regulated by the NYDFS (New York State Department of Financial Services). Paxos is the USD custodian of BUSD and holds the necessary reserves in US dollars for every BUSD issued to ensure that one unit of BUSD is equivalent to one US dollar.
Binance USD is one of the most widely used stablecoins, along with the Tether (USDT) and USD Coin (USDC). It was created to bridge the gap between fiat currencies and crypto assets while offering transparency, stability, and low fees for BUSD users.
BUSD runs on two blockchains: Ethereum as ERC-20 token and Binance Chain as BEP-2 token. Binance USD holders can transact with other digital assets with minimal volatility risk. Binance USD serves as a medium of exchange that complements cryptocurrencies. It safeguards against volatility and can be instantaneously exchanged for a wide range of cryptocurrencies supported on the Binance exchange.
Binance USD Founders
Binance USD was founded in partnership between Binance and Paxos.
Binance, the worlds leading cryptocurrency exchange by trading volume, was founded by Crypto Billionaire Changpeng Zhao in 2017. Changpeng Zhao is a developer who had previously created high-frequency trading software. He is currently listed on the Forbes billionaire list, worth $17.4bn.
Paxos Trust Company is a New York-based financial institution and technology company specializing in blockchain. The company’s product offerings include a cryptocurrency brokerage service and asset tokenization and settlement services.
Binance USD was designed as a bridge between traditional finance and DeFi. It's a 1:1 USD-backed stablecoin that has grown into one of the top 10 cryptocurrencies worldwide, ranking No. 3 among all stablecoins. About 1.1 million people already trust BUSD as their stablecoin of choice for blockchain-based decentralized finance (DeFi) solutions, with 63% of them holding BUSD on-chain on the Binance Smart Chain.
How Does Binance USD Work
To keep BUSD's peg, each BUSD is exchangeable for 1 USD from the reserves. You can receive fiat currency by sending them to Paxos, which will burn your BUSD tokens. As a result, the ratio of supply and reserves will remain constant.
Arbitrager traders will purchase large quantities of BUSD whenever the Binance USD price begins to fall below $1 per 1 BUSD. After purchasing large amounts of Binance USD, the arbitragers can convert them into fiat through Paxos. As BUSD demand increases, the Binance USD (BUSD) price rises back up to $1, restoring the 1:1 peg.
BUSD has successfully secured the trust of its growing users by constantly running audits to ensure the US dollar reserves held are equal to the supply of BUSD at a 1:1 ratio. These audits are carried out by Paxos alongside Withum, an accounting firm.
BUSD also meets the standard of the New York State of Financial Services (NYDFS).
BUSD has multiple use cases in transactions, payments, and settlements. BUSD users can transfer their tokens anywhere in minutes at a low cost on the blockchain. They can pay for goods and services with BUSD, trade BUSD on different exchanges, deposit BUSD to earn interest, use BUSD as collateral and loan asset, etc.
How to Buy Binance USD
Buying Binance USD is pretty straightforward. Check the Binance USD current price and other features to choose a trading platform that best suits your investment needs. Coinbase and Binance are the two most active cryptocurrency exchanges to buy BUSD. You can also purchase and redeem BUSD from Paxos.
Comparing different exchanges will help you choose the platform that offers the features you need, such as low fees, an easy-to-use platform, and 24/7 customer support. You should also check whether the cryptocurrency exchange supports your preferred deposit methods, such as a credit or debit card, another cryptocurrency, P2p Trading, or a bank transfer.
Check our step by step guide on how to buy bitcoin.
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