What is Binance USD and how does it work?

3 answers

• Nov 23, 2021 · 3 years ago
  Binance USD (BUSD) is a stablecoin issued by Binance, one of the largest cryptocurrency exchanges in the world. It is pegged to the value of the US dollar, which means that 1 BUSD is always equal to 1 USD. BUSD is built on the Ethereum blockchain using the ERC-20 standard, which ensures its security and transparency. To use BUSD, you need to have a Binance account. You can purchase BUSD with other cryptocurrencies or fiat currencies on the Binance exchange. Once you have BUSD in your account, you can use it for various purposes, such as trading, investing, or making payments. The advantage of using BUSD is that it provides stability in the volatile world of cryptocurrencies, as its value is tied to a stable fiat currency.
  732366
• Nov 23, 2021 · 3 years ago
  Binance USD, also known as BUSD, is a digital currency that aims to provide stability in the cryptocurrency market. It is backed by the US dollar, which means that for every BUSD in circulation, there is an equivalent amount of US dollars held in reserve. This ensures that the value of BUSD remains stable and predictable. BUSD can be used for various purposes, such as trading on the Binance exchange, making online purchases, or sending money internationally. It offers the convenience and security of blockchain technology, while also providing the stability of a traditional fiat currency. To start using BUSD, you can create an account on Binance and deposit funds. You can then convert your funds into BUSD and start using it for your desired transactions.
  765255
• Nov 23, 2021 · 3 years ago
  Binance USD (BUSD) is a stablecoin that is issued in partnership with Paxos, a regulated financial institution. It is designed to provide a stable and secure digital currency option for users of the Binance exchange. BUSD is backed by a one-to-one ratio with the US dollar, which means that for every BUSD in circulation, there is an equivalent amount of US dollars held in reserve. This ensures that the value of BUSD remains stable and predictable, making it an attractive option for traders and investors who want to avoid the volatility of other cryptocurrencies. To use BUSD, you can simply deposit US dollars into your Binance account and convert them into BUSD. You can then use BUSD for trading, investing, or making payments within the Binance ecosystem. It offers the convenience of digital currency with the stability of a traditional fiat currency.
  862216