|Price change, 1h||-0.06%|
|Price change, 24h||-0.13%|
|Price change, 7d||-0.09%|
|BUSD current price||$1.00|
|BUSD Market cap||$8 220 406 382|
|Available supply||8 224 923 986 BUSD|
|Volume, 24h||$8 495 802 442|
Binance USD (BUSD) is placed right after Paxos Standard (PAX) because this popular stablecoin has been developed in collaboration with Paxos Trust Company, thus making BUSD a joint venture that shares similar traits. It is obvious that being one of the largest cryptocurrency exchange platforms, Binance needs its own stablecoin that would facilitate the ecosystem development. Apparently, Binance’s chief executives didn’t want to jump numerous bureaucratic ropes to get the necessary approval by the authorities and opted to go under Paxo’s wing, which was probably the right decision, given the general hostility of US authorities towards cryptocurrencies, especially those provided by foreign companies.
The partnership with Paxos allowed Binance to receive the approval from the New York State Department of Financial Services, which means a great deal for its constantly expanding customer base in the United States. In addition, Binance was allowed to store the vast amounts of USD used for the collateralization of BUSD in FDIC-insured banks, thus making it one of the safest stablecoins around. Paxos Trust Company also acts as a custodian of all BUSD coins. Binance also claims that the availability of the funds to back BUSD at 1:1 ratio is being regularly checked and verified by an independent auditing firm.
Naturally, Binance is the trading platform that hosts the overwhelming majority of all currency pairs, with BTC/BUSD being the largest market that takes up 33% of the entire trading volume. But unlike PAX, Binance’s stablecoin is included in a vast number of trading pairs, being placed against many interesting altcoins as well as fiat currencies. But thanks to the popularity of Binance, there is a much higher demand for this stablecoin compared to that of PAX, which explains its respectable market capitalization of $1,5 billion and the constantly growing number of large transactions in BUSD (over $100K per transaction), the total weekly volume of which often surpasses $5 million.
Binance USD is also characterized by high average daily trading volume that can fluctuate from $1.5 billion to $5 billion during times of increased market activity. All these factors allowed BUSD to be placed at the 30th spot in global rankings, making it one of the highest-ranked stablecoins on the market. Lastly, you can create and redeem BUSD on a no-fee basis.
* Forex Rating accepts no liability for any errors in the Binance USD Price or BUSD Information. For the most recent information please visit the Binance USD official site.
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