What is BUSD?

Binance USD (BUSD) is a 1:1 USD backed stablecoin issued by Binance (in partnership with Paxos), approved and regulated by the New York State Department of Financial Services (NYDFS), BUSD Monthly Audit Report can be viewed on the official website. Launched on September 5, 2019, BUSD aims to combine the stability of the dollar with blockchain technology. It is a digital fiat currency, issued as ERC-20 and supports BEP-2.

The BUSD Ecosystem:

The BUSD ecosystem has grown exponentially in 2021. The stablecoin has grown from a market cap of around $1 billion at the start of 2021 to over $14.6 billion at the end of 2021. This makes it the third largest stablecoin by market cap behind Tether and USDC. This increase is largely due to increased user adoption as wallets, platforms and services, DEXs and CEXs support BUSD.

Top wallets like Metamask, Trust Wallet, Trezor, Zapper and many more allow users to hold BUSD right now. Platforms and services such as travel booking website Travala, payment gateways such as Moonpay and Banxa, payment APIs such as Wyre, and multi-currency payment services such as ivendPay and Paylot now also support BUSD. While PancakeSwap is the top DEX in the BSC ecosystem, many other top DEXs also support BUSD, including: Uniswap, 1inch, Curve Finance, Ellipsis, MDEX, SushiSwap, 0x and many more. Users of centralized exchanges (CEXes) can use BUSD outside of Binance and Binance.US, with top exchanges such as FTX, Gate.io, WazirX, MEXC and more.