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Binance USD (BUSD)

Last updated 18/10/2022 

Official Website: https://www.binance.com/en/busd

What is Binance USD (BUSD)?

Launched in September 2019, $BUSD is a fiat backed stablecoin, the price is pegged 1:1 with the US Dollar. The token was deployed on the Ethereum network as an ERC20 token, since its initial release its now commonly transacted on multiple popular networks including Binance’s native networks BEP-2 and Binance Smart Chain (BSC). BUSD was created from a collaboration between Binance one of the most recognised cryptocurrency exchange platforms and Paxos a third party regulated blockchain infrastructure platform. BUSD now ranks third among stablecoins with the biggest market capitalization, only behind USDT and USDC

How does Binance USD (BUSD) work? 

Paxos maintains enough US dollars to cover the whole market supply of BUSD in order to keep its value at one dollar. Through Paxos, BUSD and USD are always convertible. Take a closer look at how: 

  • A user transfers USD to the reserve bank account of Paxos
  • The issuer (Paxos) generates an equivalent quantity of BUSD on Ethereum
  • While the USD is kept in the bank reserve account, the freshly issued BUSD is given to the user
  • Additionally, the mechanism always runs backward. Users can burn BUSD with Paxos and receive $1 in exchange

The process may maintain a continuous 1:1 ratio between the supply and reserves by burning/minting BUSD using the smart contract. 



Where to Store Binance USD (BUSD) 

There are many wallets to choose from to store Binance USD (BUSD). There are Software wallets such as Exodus, Atomic Wallet, Guarda Wallet, Metamask.

.Leading hardware wallet providers such as Ledger and Trezor are integrated with Binance USD (BUSD) and Binance Chain wallets will come as standard on their devices.   

We always recommend our customers to perform their due diligence and research into any platform they are looking to start using. You may find some general information regarding various wallets on our Wallet Guides page.

Where to Buy And Sell Binance USD (BUSD) 

You can Buy & Sell Binance USD (BUSD) here at BC Bitcoin. 

You can Buy Binance USD by heading over to the Buy Coins page of our website. BUSD is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying BUSD has never been easier, simply place your order and provide your wallet address. Once your payment arrives, BUSD will be sent directly to your wallet. 

If you choose to Sell Binance USD (BUSD), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page. 

Binance USD (BUSD) Resources 

Website: https://www.binance.com/en/busd 

Block Explorer: https://etherscan.io/ 

Github: https://github.com/paxosglobal/busd-contract 

Twitter:  https://twitter.com/binance 

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence. 

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