Primary Markets (1 Active) - Total Market Volume: ~$14231
Liquidity Pools (3 Active) - Total Pool Liquidity: ~$31
This asset has multiple networks
BUSD is a fiat-backed stablecoin issued by Binance and Paxos. Each BUSD token is backed 1:1 with US dollars held in reserve. BUSD aims to provide a more stable cryptocurrency alternative for traders and investors who are looking to avoid the volatility of the digital asset market.
Binance is the world’s largest cryptocurrency exchange by trading volume. The launch of BUSD on the Binance platform is a strategic move to further increase the adoption of cryptocurrencies. By providing a stablecoin option, Binance can appeal to a wider range of users who may have been hesitant to enter the digital asset market due to volatility.
It’s also a way to advertise their exchange as this stablecoin is used in various pairs on Binance.com including BTC/BUSD, ETH/BUSD, and XRP/BUSD. By creating more trading pairs, Binance can attract more users to its platform. The reason why native stablecoins are important for a company like Binance is that it helps to create a more seamless experience for users.
BUSD is an ERC20 token built on the Ethereum blockchain. However, it also supports BEP-2. BEP-2 is a technical standard that defines how new digital assets can be created and transferred on the Binance Chain.
Reserves Verification (Beta - we are still building automated signatures)