Binance USD

## What is Binance USD (BUSD)? Binance USD is a stablecoin, affixed and backed up by the American fiat currency, such that every unit of BUSD has a dollar backup equivalent in the reserve. The BUSD token is controlled and ratioed equally with the fiat dollar so users can swap the digital asset for fiat and get equal values, and vice-versa. BUSD was designed for market stability so investors and currency exchangers can hold their investments in the crypto space without being negatively affected by market volatility. Paxos gives a monthly statement of the token's reserves.
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## This History of Binance USD (BUSD) BUSD was released on the 5th of September, 2019, to integrate the American dollar with blockchain technology. It is a joint project from the world's leading crypto exchange, Binance, and the regulated blockchain and fintech platform, Paxos. \ Before it was launched, it was accentuated for regulation by the New York Department of Financial Services. After its approval and launch, it was open, alongside Paxos USD, on the 12th of September, 2019, for investors and holders to buy. A few days later, it was available on Binance to be traded in pairs with XRP, BTC, and BNB. \ BUSD's launch was greeted with a wide acceptance in the crypto community and in no time began trading with 47 other US Dollar pairs. The Binance-Paxos token has fulfilled its purpose since its launch as it has remained equal with the fiat dollar since then. \ The accounting company, Withium, is responsible for keeping Binance USD compliant with the NYDFS law by making a monthly audit of the token and exhibiting it on the department's website. ## Biggest Claim To Fame The biggest claim to fame for BUSD is its reliability and stability, among other stablecoins. In 2021, there was an explosive increase in the utility and demand for crypto assets. During this period, the prices of cryptocurrencies were high. \ Although BUSD is not a volatile coin, it was widely accepted beyond predictions because it was seen as a reliable, stable, and safe coin. More so, BUSD has experienced more usage with the advent of Decentralized Finance and Non-fungible Tokens. \ The New York Finance Departmental regulation and the reserve backup of the Binance-Paxos token have brought an appealing trust for BUSD, and it currently has about 1.2 million holders. The token functions as a connection between Decentralized Finance and conventional finance, giving people financial leverage that is uncommon with conventional currencies and financial institutions. \ In terms of financial leverage, BUSD offers favorable DeFi Annual Percentage Yields and safeguards holders from market irregularities like inflation. More so, its holders are fully protected from unfavorable market conditions that can be seen in fiat products or crypto-heavy assets. Hence, they can partake in pools of liquidity and liquidity harvesting. \ BUSD and other stable coins are blockchain-based; however, BUSD operates on more blockchains than the others. USDT, DAI, and UST operate on only the Ethereum blockchain, while BUSD functions on multiple chains, including the ones controlled by Binance. BUSD's multi-chain operating compatibility lets users trade the token across various blockchains. ## BUSD Biggest Criticisms The extensive and innovative usage of the Binance-Paxos coin has raised queries about its unavailability outside its host platforms, Paxos and Binance. More so, there are speculations and doubts concerning its full backup by the U.S Dollar reserve, as compared to backed up stable coins like USDT and UST. \ Despite BUSD's market stability, it has still faced backlash concerning its behavior during market dips, as it has been spotted to rise during market dips. ## The BUSD Team BUSD was created by the founders of __[Binance]( (__[Changpeng Zhao]( and __[Paxos]( (__[Charles Casacarilla]( and __[Richard Teo]( \ Changpeng Zhao is the Chief Executive Officer and founder of the biggest global exchange, Binance. He is 45 years old and studied Computer Science at McGill University. He was a founding member of and worked with OKCoin as the head of technological operations. \ Charles Cascarilla, a financial expert, is a founder and the Chief Executive Officer of the fintech company Paxos. He studied at the University of Notre Dame, owns a Bachelor of Business Administration in Finance, and is also a Chartered Financial Analyst. In 2005, he co-founded Cedar Hill Capital and co-created Liberty City Ventures 7 years later. He was also a financial advisor for Claiborne Capital and an analyst for a few other firms. \ Richard Teo, alternatively called “Rich Teo,” is the Chief Executive Officer of itBit and a co-creator of Paxos. Rich has several years of experience in private and public fintech analysis and investments. He has a BBA from the School of Business, Michigan University, and was a chairman at Cedar Hill Capital Partners. His job at Cedar Hill involved investment control across different financial organizations. He also worked as a stock analyst at Citi. ## The Bottomline BUSD is a stable coin that has maintained the trust of its users through its market stability and its backup reserve. BUSD's multi-chain system makes it a better option compared to its alternatives. With time, BUSD will gain more adoption within the crypto community.