What Is BUSD (BUSD)? Exploring the World of Stablecoins

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Bittime - Amidst the cryptocurrency market turmoil , stablecoins emerged as a solution to bring stability and security. Onepopular stablecoin is Binance USD (BUSD) , which offers a 1:1 rate with the US dollar (USD).

In this educational article, we will dive into the world of BUSD, examine its various aspects, and help you understand its potential in the world of cryptocurrency.

What is BUSD (Binance USD)?

Binance USD (BUSD) is a stablecoin pegged 1:1 to the US dollar (USD). Developed by Binance and Paxos, BUSD is approved and supervised by the New York State Department of Financial Services (NYDFS).

BUSD offers a way for users to trade and invest in cryptocurrencies with greater stability and security compared to traditional cryptocurrencies.

BUSD Key Products & Features

• Stability: Linked to USD 1:1, BUSD offers price stability and minimizes the volatility associated with traditional cryptocurrencies.
• Security: Managed by Paxos, a trust company overseen by the NYDFS, BUSD provides a high level of security and compliance.
• Utility: BUSD can be used for a wide variety of purposes, including trading, staking, yield farming, and remittances.
• Accessibility: BUSD is available on various major cryptocurrency platforms and exchanges.

Also read: BNB vs Ethereum, What's the Difference?

What is BUSD Token?

Token BUSD token is an ERC-20 token that runs on the Ethereum blockchain. These tokens represent ownership of USD and can be exchanged for USD 1:1 at any time. Here are some important points about the BUSD token:

• Token Standard: ERC-20
• Blockchain: Ethereum
• Value: 1 BUSD = 1 USD
• Exchange: BUSD can be exchanged for USD 1:1 via Binance and Paxos.
• Usage: BUSD can be used for a wide variety of purposes, including trading, staking, yield farming, and remittances.

Tokenomic Token BUSD

• Maximum Supply: There is no maximum supply limit for BUSD.
• Circulating Supply: Currently, there is 17.26 billion BUSD in circulation.
• Mining: BUSD cannot be mined.

Also Read How to Buy Crypto:

BUSD Fundamental Analysis

• Use Cases: BUSD has a variety of use cases, including trading, staking, yield farming, and remittances.
• Partnerships: Binance has partnered with leading companies and projects to increase BUSD adoption.
• Regulatory Support: BUSD is approved and supervised by the NYDFS, providing a high level of compliance.

Comparison of BUSD & Competitors

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Expert Opinion About BUSD

Experts are generally positive about BUSD, praising its various advantages such as stability, security, and utility. Here are some opinions from experts regarding BUSD:

• Chris Burniske, Partner at Placeholder : "BUSD is one of the most compliant and regulated stablecoins on the market. Support from Binance and Paxos adds confidence in its stability and security."
• Fred Ehrsam, co-founder of Coinbase : "BUSD has the potential to become a leading stablecoin in the Asian market. Binance's partnerships with Asian companies could drive widespread adoption of BUSD."
• Caitlin Long, CEO of Avanti Bank : "BUSD is a great example of how financial innovation can be combined with effective regulation. The stability and security of BUSD makes it attractive to a wide range of users, including traditional financial institutions."
• Ari Paul, CIO BlockTower Capital : "BUSD offers a convenient and efficient way to trade and invest in cryptocurrencies. Its broad utility and low transaction fees make it attractive to both retail and institutional investors."

Founder and BUSD Team

Binance USD (BUSD) was founded by two parties:

• Binance : One of the largest cryptocurrency exchanges in the world, founded by Changpeng Zhao (CZ) in 2017. Binance is known for its advanced trading platform, wide range of available cryptocurrencies, and high liquidity.
• Paxos : A trust company overseen by the New York State Department of Financial Services (NYDFS). Paxos was founded in 2012 and focuses on developing blockchain technology for financial applications. Paxos is also the issuer of another stablecoin, namely PAX Gold (PAXG) which is pegged to gold.

The BUSD team consists of experienced professionals in the fields of finance, technology and blockchain. This team is led by:

• Changpeng Zhao (CZ) : CEO of Binance and co-founder of BUSD.
• Charles Cascarilla : CEO of Paxos and co-founder of BUSD.
• Dan Morehead : CEO of Pantera Capital, one of BUSD's early investors.
• Spencer Bogart : Managing Partner at Blockchain Capital, one of BUSD's initial investors.

Conclusion

BUSD is a stablecoin that offers high stability, security and utility. Developed by Binance and Paxos, BUSD is approved and supervised by NYDFS.

BUSD has a wide range of use cases and has established partnerships with leading companies and projects.

Experts are generally positive about BUSD, and it is considered one of the most trusted and regulated stablecoins on the market.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on  Bittime ,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into  your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  Complete Guide How to Buy Crypto on Bittime .

Monitor price chart movements  for Bitcoin (BTC) ,  Ethereum (ETH ) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

The Importance of a Bitcoin Wallet, Secure Your Crypto Assets Wisely!

Franklin Templeton Enters Competition to Launch Ether Spot ETF

Getting to Know DeFi: A Beginner's Guide to Entering Decentralized Finance

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.