|Price change, 1h||-0.03%|
|Price change, 24h||0.00%|
|Price change, 7d||0.03%|
|BUSD current price||$1.00|
|BUSD Market cap||$12 884 124 697|
|Available supply||12 878 756 944 BUSD|
|Volume, 24h||$5 548 727 268|
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.
In the growth and development of Bitcoin towards a mainstream financial asset, the desire to have a Bitcoin ETF has been high on the wish list. Many companies...
21 Oct 2021
Today is the day that crypto traders have so eagerly been waiting for, as the ProShares Bitcoin Strategy ETF is now ready to invest in bitcoin futures and, according...
19 Oct 2021
Bitcoin has attracted a fair bit of attention in the last few days, hitting $62,857 and just shy of a new all-time high. Sentiment remains buoyant as we head past weekend...
18 Oct 2021
Hopes that a Bitcoin futures ETF would be approved by the SEC have supported the price in recent weeks. Some exchanges show the world’s largest cryptocurrency reached $60,000...
18 Oct 2021
The price of Bitcoin jumped towards its all-time high on Friday morning after a Bloomberg report said the US Securities and Exchange Commission (SEC) is set to allow...
15 Oct 2021
The price of Bitcoin resumed its path higher on Thursday with markets still hopeful that a Bitcoin ETF, most likely based on Bitcoin Futures, will be approved by...
14 Oct 2021
RatingsForex Brokers Expert Advisors Trading Platforms Cryptocurrencies
Forex BrokersReviews & Comments Low Spread Brokers MT5 Brokers MT4 Brokers Bitcoin Brokers PayPal Brokers Scalping Brokers Best Forex Brokers Top Forex Brokers Compare Brokers How to Choose Open Forex Account
© 2006-2021 Forex-Ratings.com
The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.