Binance USD Market Capitalization Achieves $69.56 Million (BUSD)

Binance USD (BUSD) traded down 0% against the US dollar during the 1 day period ending at 21:00 PM E.T. on August 11th. Binance USD has a total market cap of $69.56 million and approximately $7.10 million worth of Binance USD was traded on exchanges in the last 24 hours. One Binance USD token can now be bought for $1.00 or 0.00001707 BTC on cryptocurrency exchanges. During the last week, Binance USD has traded 0% higher against the US dollar.

Here is how related cryptocurrencies have performed during the last 24 hours:

• Aidi Finance (BSC) (AIDI) traded down 2.2% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 2.2% lower against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded 2.2% lower against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Kitty Inu (KITTY) traded up 1.9% against the dollar and now trades at $95.84 or 0.00338062 BTC.
• Hokkaidu Inu (HOKK) traded 1.2% higher against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded 2.2% lower against the dollar and now trades at $2.75 or 0.00010076 BTC.
• Lumi Credits (LUMI) traded 0.5% lower against the dollar and now trades at $0.0128 or 0.00000022 BTC.
• AXIA Coin (AXC) traded 0.1% lower against the dollar and now trades at $13.43 or 0.00048094 BTC.
• MVP Coin (MVP) traded 6% higher against the dollar and now trades at $0.0566 or 0.00000096 BTC.

Binance USD Profile

Binance USD’s launch date was September 10th, 2019. Binance USD’s total supply is 69,511,448 tokens. Binance USD’s official message board is coinmarketcap.com/community/profile/busd. Binance USD’s official Twitter account is @binance and its Facebook page is accessible here. Binance USD’s official website is www.binance.com/en/busd.

According to CryptoCompare, “What is Binance USD (BUSD)?Binance USD (BUSD) is a stablecoin, meaning a digital currency that attempts to offer investors price stability through a mechanism that allows it to remain pegged to the value of a specific asset.  BUSD’s value remains stable through fiat currency reserves.BUSD is a regulated stablecoin, with each BUSD in circulation being backed by one U.S. dollar held in reserve. The token is issued by Paxos, which releases monthly attestation of BUSD’s reserves to show BUSD is 100% backed by reserves. These are either held in cash at insured U.S. banks, via U.S. Treasury bills, and money market funds.Who Created BUSD?BUSD is a stablecoin created by Paxos and cryptocurrency exchange Binance. The stablecoin is approved and regulated by the New York State Department of Financial Services, which helps ensure customer protections.Paxos, the company behind the Paxos Gold (PAXG) token, issues BUSD on the Ethereum blockchain, while Binance offers a Binance-pegged version of the stablecoin on the BNB Chain. This version is offered by holding BUSD in an Ethereum blockchain address and minting BUSD on the BNB Chain, effectively backing the tokens on the BNB Chain with ERC-20 BUSD.Paxos has the right to freeze accounts and remove funds if needed due to illicit activity.How Does BUSD Remain at $1?BUSD maintains its peg by being backed by fiat currency reserves and allowing users to exchange BUSD for an equivalent amount of USD from its reserves. BUSD can be sent to Paxos, which burns the tokens and provides users with the fiat currency in return. If the price of BUSD moves away from $1, arbitrage traders can take advantage of the mechanism to bring it back to its peg.If, for example, BUSD’s price drops to $0.98, traders can purchase large amounts of the stablecoin and convert them into fiat currency via Paxos to pocket the difference. Redeemed BUSD would then be burned, which coupled with rising demand would help the stablecoin return to $1.If BUSD, for example, trades at $1.02, arbitrageurs can purchase tokens for $1 with Paxos and then sell them on the market for a profit, while helping it get back to its peg.What is BUSD Used For?BUSD is a widely adopted stablecoin used on various networks, including Ethereum as an ERC-20 token and on the BNB Chain as a BBEP-20 token. Its use cases include:       Hedging against volatility       Stable price-pegging       Remittances       Crowdfunding       Payments for products and services       Lending, borrowing, and other financial servicesBecause BUSD is a blockchain-based digital currency, users don’t require a bank account to use it, nor do they need to be in a specific location or have an account with a specific institution. It isn’t restricted by banking hours or borders.”

Buying and Selling Binance USD

It is usually not possible to purchase alternative cryptocurrencies such as Binance USD directly using US dollars. Investors seeking to trade Binance USD should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, GDAX or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Binance USD using one of the exchanges listed above.

BUSD/USD price chart by TradingView