CoinDesk • Mar 09, 23
Aave Advances Plan to Nix Borrowing, Lending of Binance’s BUSD Stablecoin
Crypto borrowing and lending platform Aave is moving closer to offboarding Binance's troubled stablecoin BUSD.
Read more
Binance USD is not available for trading on the Coinbase Exchange, but is supported on Coinbase Wallet
Binance USD can be traded using Coinbase Wallet, your key to the world of crypto.
Binance USD is only available through Coinbase Wallet. Assets on Coinbase Wallet are not held by Coinbase. Use of Coinbase Wallet is subject to these terms.
Binance USD (BUSD) is a stablecoin running on Ethereum. For stablecoins like BUSD, the company behind the protocol is responsible for holding reserves that fully back each token. The companies behind BUSD, Binance and Paxos, claim that each BUSD token is backed by and corresponds to one dollar held in traditional bank accounts. Note: Coinbase only supports BUSD on the Ethereum blockchain (ERC-20).
Binance USD (BUSD) is a digital fiat currency that is backed 1:1 by the US dollar. It was introduced on September 5, 2019, with the intention of merging the consistency of the dollar with the innovative technology of blockchain. BUSD is issued by a certain entity in collaboration with Paxos and is approved and regulated by the New York State Department of Financial Services (NYDFS). It is issued as an ERC-20 token and also supports BEP-2. The reserves backing BUSD are held in fiat cash in dedicated omnibus accounts at insured U.S. banks and/or are allocated to U.S. Treasury bills.
BUSD operates on the Ethereum blockchain and is issued by Paxos Trust Company in collaboration with a certain entity. It can be issued and redeemed without additional fees. This entity also offers a wrapped BUSD token (Entity-Peg) on BNB Chain. The reserves backing BUSD are held in either fiat cash in dedicated omnibus accounts at insured U.S. banks or are allocated to U.S. Treasury bills. As of June 30, 2022, 96% of the assets backing BUSD were held in cash and cash equivalents, while 4% were allocated to U.S. Treasury bills.
BUSD, with its price consistency, aims to play a crucial role in transactions, payments, settlement, and Decentralized Finance (DeFi). It aims to be transferred anywhere in minutes, in a cost-effective manner and on the blockchain. BUSD can be traded on various platforms and Decentralized Exchanges (DEX). It can be deposited for potential compensation, used as payment for goods and services, used as collateral and loan asset, used as cross collateral in Futures, and stored on a digital platform or in a wallet.
BUSD was introduced on September 5, 2019, by a certain entity in collaboration with Paxos. It was approved and regulated by the New York State Department of Financial Services (NYDFS). The BUSD ecosystem saw growth in 2021, with its market capitalization increasing from around US$1B at the start of the year to over US$14.6B by the end of the year. In April 2022, this entity allocated $2.5 million in BUSD through its charity organization to USA for UNHCR, a UN refugee agency, marking the agency’s first stablecoin crypto allocation.
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Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
$70.5M
$13.7M
70.5M BUSD
Not enough data
#518
$1.50
-0.01%
-0.05%
-0.08%
CoinDesk • Mar 09, 23
Aave Advances Plan to Nix Borrowing, Lending of Binance’s BUSD Stablecoin
Crypto borrowing and lending platform Aave is moving closer to offboarding Binance's troubled stablecoin BUSD.
Read more
The Block • Jan 07, 23
US authorities request information from hedge funds about Binance: WaPo
U.S. authorities are requesting information from investment firms on cryptocurrency exchange Binance, according to the Washington Post.
Read more
Blockworks • Jun 13, 22
The Stablecoin Era: A New Wave of Crypto Adoption
Corporations are in an arms race to provide immediate 24/7 global settlements, and stablecoins are the solution The post The Stablecoin Era: A New Wave of Crypto Adoption appeared first on Blockworks.
Read more
Decrypt • Apr 18, 22
Terra's Stablecoin UST Becomes Crypto's Third-Largest
The dollar-pegged UST has overtaken Binance USD to become the crypto market’s third-largest stablecoin by market capitalization.
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193 unique individuals are talking about Binance USD and it is ranked #1,077 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, Binance USD has an average sentiment score of 3 out of 5. Finally, Binance USD is becoming more newsworthy, with 0 news articles published about Binance USD. This is a 0% increase in news volume compared to yesterday.
On Twitter, people are mostly neutral about Binance USD. There were 0% of tweets with bullish sentiment compared to 0% of tweets with a bearish sentiment about Binance USD. 100% of tweets were neutral about Binance USD. These sentiments are based on 14 tweets.
On Reddit, Binance USD was mentioned in 13 Reddit posts and there were 25 comments about Binance USD. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.
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193 people
#1,077
3 out of 5
14 people
0%
Bullish
100%
Neutral
0%
Bearish