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What is Binance USD (BUSD) and how does it work?

by Financial Economy

Binance USD (BUSD) is a 1: 1 USD backed stablecoin approved by the New York State Department of Financial Services (NYDFS). Binance USD (BUSD) jointly issued with Paxos can be issued and used at no extra cost. BUSD works as a BEP-2 token on both Ethereum, ERC-20 token, and Binance Chain. Detailed information about Binance USD (BUSD) can be found in the rest of the content. Information about Ethereum, you can browse here.

What is Binance USD (BUSD) and how does it work?

Binance USD is known as the stablecoin of the world’s largest cryptocurrency exchange, Binance, by trade volume. Stablecoins, which are much more stable than other crypto currencies, are usually indexed to fiat currencies such as the US dollar. Binance USD, as its name suggests, is a US dollar indexed crypto currency that is traded in the form of 1 BUSD and 1 USD.

Included on multiple exchanges such as BUSD, Binance.com (with trade discounts), Binance US, and other centralized exchanges. It can also be traded on popular non-surveillance trading platforms such as Binance DEX, Curve Finance, and Uniswap. Today, it is seen that many coins on Binance have trading pairs with Binance USD.

How to use Binance USD?

“How to use Binance USDT?” The question is quite curious by users. Binance USD is actually a gateway investors use to escape when the market is hectic. Investors are trying to be least affected by this decline by switching to stablecoins such as BUSD Coin while BTC or other cryptocurrencies are falling hard.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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