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Exchange Binance USD (BUSD)

If you're looking to swap Binance USD, SwapSpace is your one-stop shop. We have some light reading for you — in case you'd like a refresher on what is Binance USD, or some fresh information about BUSD’s price movements. And, of course, we provide you with multiple Binance USD exchange options so that you can choose the offer with the best rates and lowest Binance USD fees, as well as other parameters that suit you.

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Binance USD Price Stats

To help you make a decision about exchanging your Binance USD, we gathered some cold hard numbers: Binance USD price chart and other stats, such as Binance USD market cap.

BUSD 24H HIGH

BUSD 24H HIGH $0.98260529100612

BUSD MARKET CAP

BUSD MARKET CAP $83,040,256.785

BUSD CIRCULATING SUPPLY

BUSD CIRCULATING SUPPLY 84,511,463.89 BUSD

BUSD 24H LOW

BUSD 24H LOW $0.98228093574913

BUSD PRICE

BUSD PRICE $0.98259162677477

BUSD 24H VOLUME

BUSD 24H VOLUME $5.46

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Binance USD Price Chart

Here you can see the current price of Binance USD, as well as Binance USD price history.

What is Binance USD?

BUSD stands for Binance USD, which is a type of cryptocurrency known as a stablecoin. Stablecoins are designed to have a stable value and are often pegged to a reserve of assets, such as a fiat currency like the US Dollar (USD). In the case of BUSD, it is issued and operated by Binance, one of the world's largest cryptocurrency exchanges.

Binance USD (BUSD) was created through a partnership between Binance, one of the world's largest cryptocurrency exchanges, and Paxos Trust Company, a financial institution specializing in blockchain-based asset solutions. Paxos Trust Company is a regulated financial institution in the United States and operates under the oversight of financial regulatory authorities, including the New York State Department of Financial Services (NYDFS).

BUSD, introduced on September 5, 2019, seeks to combine the stability of the US Dollar with the innovation of blockchain technology. This cryptocurrency functions as a digital representation of fiat currency and is created as an ERC-20 token while also supporting the BEP-2 standard. The fact that BUSD is available in both ERC-20 and BEP-2 formats makes it compatible with a range of blockchain networks and wallets, enhancing its usability and accessibility.

Binance USD (BUSD) is typically backed by a 1:1 ratio with the US Dollar, meaning that for every 1 BUSD in circulation, there should be 1 US Dollar held in reserve. This is done to provide stability and reduce the volatility that is commonly associated with other cryptocurrencies like Bitcoin and Ethereum. Stablecoins like BUSD are often used as a means of transferring value within the cryptocurrency ecosystem and can be a useful tool for traders and investors who want to temporarily exit the volatile cryptocurrency markets without converting their holdings into traditional fiat currencies.

Paxos holds the US Dollars that back BUSD in reserve. These funds are held in segregated accounts and are subject to regular audits to ensure transparency and compliance with regulatory standards.

When users deposit US Dollars with Paxos, an equivalent amount of BUSD is minted and issued to them on the Binance platform. Similarly, when users redeem BUSD on the Binance platform, the equivalent amount of US Dollars is withdrawn from the reserve and returned to the user.

BUSD maintains full backing, with its reserves held exclusively in one or both of the following forms: (i) fiat cash stored in segregated accounts at insured U.S. banks or (ii) U.S. Treasury bills, including holdings via repurchase agreements and investments in U.S. Treasury bills through money-market funds. It's noteworthy that BUSD has received approval from the New York State Department of Financial Services (NYDFS).

BUSD serves multiple purposes within the cryptocurrency ecosystem. It can be used for trading, as a stable store of value, and for conducting transactions with reduced volatility compared to other cryptocurrencies.

BUSD is made available for trading and use on the Binance exchange and can also be used in various decentralized finance (DeFi) applications and other cryptocurrency platforms. Since its launch, BUSD has gained popularity and is widely used in various cryptocurrency exchanges and platforms. Its ease of use and stable value make it a preferred choice for traders and investors.

One of the primary use cases for BUSD is trading. Traders often use it as a stable intermediary when moving in and out of more volatile cryptocurrencies like Bitcoin or Ethereum. It provides a way to preserve value during market fluctuations.

Traders may use BUSD for arbitrage opportunities between different cryptocurrency exchanges. They can quickly move BUSD between exchanges to take advantage of price discrepancies for various assets. Many ICOs and token sales accept BUSD as a means of contribution, providing investors with a stable asset to participate in these events.

BUSD is often used in DeFi platforms for lending, borrowing, and yield farming. It serves as collateral for loans and can be utilized in liquidity pools for earning interest. In large cryptocurrency transactions, OTC desks and traders may use BUSD to settle transactions quickly and securely.

In February 2022, Paxos announced the termination of its relationship with Binance concerning the branded stablecoin BUSD. From February 21, 2023, Paxos stopped issuing new BUSD tokens, following the direction of the New York Department of Financial Services (NYDFS). The company will continue to manage the dollar reserves backing BUSD. These reserves are fully backed and held in segregated accounts to ensure their safety. The instruments held by Paxos in reserve as of February 10, 2023, are also accessible to the public.

Paxos reaffirms its commitment to the safety of customer assets and assures that BUSD will remain fully supported and redeemable to customers through at least February 2024. Both new and existing Paxos customers will have the option to redeem their BUSD tokens in US dollars or convert them to Pax Dollar (USDP), another regulated US dollar-backed stablecoin issued by Paxos Trust. 

The average fees for BUSD token 

The fees associated with using Binance USD (BUSD) can vary depending on the specific platform or service being used. 

Transaction fees can vary significantly between platforms and are typically used to cover the cost of processing and confirming transactions on the blockchain. The fees can be influenced by network congestion and the exchange's fee structure.

Some exchanges and platforms may have minimum deposit and withdrawal amounts for BUSD, and failing to meet these minimums could result in additional fees.

The BUSD token wallets 

BUSD tokens can be stored in various cryptocurrency wallets that support the Ethereum blockchain or (and) Binance Smart Chain, as BUSD is issued as an ERC-20 token and BEP-2 asset. This includes widely used wallets like MetaMask, MyEtherWallet (MEW), Trust Wallet, Exodus, Ledger Nano S, Ledger Nano X, Trezor, Atomic Wallet, My Crypto, Coinomi, etc. 

A Simple Way To Exchange Binance USD Here At SwapSpace

Step 1
Step 1

Choose a pair

Choose the cryptocurrencies you would like to exchange among more than 1700 coins and tokens. Pick them from drop-down menus. Type the number of coins you want to swap.

Step 2
Step 2

Select the best rate

You choose the rate – we do the magic! Pick up the exchange service by the rate which meets your requirements. Make sure you are okay with the selected service network fee and privacy policy: some of them require you to pass the AML/KYC procedure.

Step 3
Step 3

Transfer funds

Send the exact amount to the address provided and receive the crypto in your wallet within minutes. Don’t have a wallet yet? Our support will recommend a good one!

Step 4
Step 4

Receive your coins

You’ll get your coins in a few minutes! The exact time is a subject of various parameters such as blockchain network workload, transaction volume, our partners’ processing speed, etc. Concerned about your transaction? Check the swap tracker or feel free to contact the support: support@swapspace.co.

Exchanging Binance USD: SwapSpace’s Video Tutorial

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