Binance USD (BUSD)
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About BUSD
Binance USD (BUSD) is a stablecoin pegged to the value of the United States dollar (USD), initially launched in 2019 as a collaborative effort between Binance and Paxos. Although Paxos no longer mints new BUSD and has ended its relationship with Binance, existing BUSD can still be redeemed for USD or converted to USDP. As a stablecoin, BUSD was designed to provide a secure and stable way to store and transfer value on the blockchain, with its value pegged to the US dollar on a 1:1 basis. While its future support is uncertain, BUSD remains a widely recognized stablecoin with a history of being used for various purposes, including digital payments and decentralized finance (DeFi) applications.
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Frequently Asked Questions about Binance USD
What is Binance USD (BUSD)?
Binance USD (BUSD) is a stablecoin pegged to the value of the United States dollar (USD). It is a digital currency issued by Paxos, a New York-based financial institution, and is backed by the US dollar on a 1:1 basis. BUSD is designed to provide a stable and secure way to store and transfer value on the blockchain. On February 13, 2023 Paxos announced the end of its relationship with Binance for the branded stablecoin BUSD. Paxos no longer mints new BUSD, but allows customers to redeem BUSD for USD or convert their BUSD to USDP.
How is BUSD different from other stablecoins?
BUSD is different from other stablecoins in that it is regulated by the New York State Department of Financial Services (NYDFS) and is backed by the US dollar on a 1:1 basis. This means that for every BUSD in circulation, there is an equivalent amount of US dollars held in reserve.
Is BUSD regulated?
Yes, BUSD is regulated by the New York State Department of Financial Services (NYDFS). Paxos, the issuer of BUSD, is a licensed and regulated financial institution, which provides an additional layer of security and stability for users. Paxos Trust will continue to manage BUSD dollar reserves, however, with its minting discontinued, there is no guarantee that it will be equally supported in the future.
What was the purpose of BUSD?
The primary purpose of BUSD was to provide a stable and secure way to store and transfer value on the blockchain. It was designed to be used as a medium of exchange, a store of value, and a unit of account. BUSD could be used to settle transactions, pay fees, and participate in decentralized finance (DeFi) applications.
Where can I buy, sell and trade BUSD?
BUSD can still be bought and sold on decentralized exchanges, including Uniswap and Curve.
How can I store my BUSD securely?
Your BUSD can be stored in a wallet that supports ERC20 tokens indefinitely, however, it may not always be accepted for exchange. It is recommended to convert BUSD to USDP or redeem it for USD on the Paxos platform.
Can I redeem my BUSD for US dollars?
Yes, BUSD can be redeemed for US dollars on a 1:1 basis. Paxos, the issuer of BUSD, holds an equivalent amount of US dollars in reserve for every BUSD in circulation, which can still be redeemed.