What is Binance USD (BUSD)?

Binance USD, or BUSD for short, is a stablecoin released by Binance in collaboration with Paxos. BUSD is a fiat-backed stablecoin that aims to maintain the USD exchange rate of 1:1 with the support of Paxos' fiat reserves. Both Paxos and BUSD are registered with the New York State Department of Financial Services; therefore, user's benefits are relatively well-protected upon using BUSD compared to when using other unregulated stablecoins. BUSD is available on multiple blockchain platforms, including Ethereum, BNB Chain, Avalanche, and Polygon.

How Binance USD (BUSD) Works

Paxos' reserves ensure that 1 BUSD can be redeemed to 1 USD through the process of minting and burning BUSD. When you buy BUSD using fiat, the fiat is sent to the reserves and a corresponding amount of BUSD is minted and sent to your wallet. On the other hand, when you sell BUSD for fiat, the BUSD is burned and a corresponding amount of fiat is sent from the reserves to your wallet.

Since it is regulated, Paxos has to publish regular attestation reports about the state of their reserves and have the reports audited by a third party.

How Many Binance USD (BUSD) Tokens Are in Circulation?

Because the supply of BUSD is managed by the Paxos' reserves, there is no maximum supply. Regarding circulating supply, there is 21.04 billion BUSD in total.

How to Buy Binance USD (BUSD)

Consider investing in Binance USD (BUSD)? It only takes 2 minutes to create an account on Bitget and start trading BUSD. 

Check out the available BUSD trading pairs on Bitget!

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Binance USD (BUSD) Resources

Official Website

BUSD Introduction on Binance