¿What is BUSD?
BUSD or Binance USD is a stablecoin created in September 2019, with the collaboration of a financial institution and technology company that specializes in blockchain called Paxos, with which it was determined to provide a stablecoin or stable currency that works for trust within the ecosystem that Binance builds.
¿What is Binance USD (BUSD)?
It is a reliable backed stablecoin that maintains the same or similarity to the US dollar.
¿What does it offer?
BUSD promises three most important features which are: accessibility, speed and flexibility when making transactions, the token can be easily transferred through Paxos or Binance.
The stablecoin likewise promises to offer flexibility by allowing crypto users to quickly change their trends in an asset without leaving the blockchain.
Using BUSD, a netizen can quickly send money around the world at nominal rates.
¿How does BUSD WORK?
The gear to keep the stablecoin peg is very simple, unlike other stablecoins. Each BUSD can be exchanged for 1 USD or reserve dollar.
When you send your BUSD to Paxos, they will burn your tokens and provide you with fiat currency. This mechanism keeps supply and reserves at a constant 1:1 ratio.
¿How is BUSD Regulated?
BUSD is controlled through New York state regulators who have also required specific measures on Paxos and Binance on how the stablecoin should be operated or managed, as well as ensuring that the token is fully insured, Paxos must control accordingly. carefully and with a clinical eye that the token is fully protected.
Paxos has the power or right to freeze accounts and withdraw funds if illegal movements or activities are perceived if necessary.
All of these principles are in accordance with the Charter of Trusts and New York banking laws applicable to stablecoins.
Within the smart contracts there is a new built-in role that reflects the control of the stablecoin: SetLawEnforcementRole.
This simple code allows Paxos to use its aforementioned authority to safeguard New York State Department of Financial Services (NYDFS) regulations.
¿Why do people use BUSD?
Users use it for its flexibility, accessibility and speed when making transactions, the stablecoin has several methods of use for investors and traders of crypto assets, such as avoiding the increase in prices in the crypto markets and guaranteeing that the profits or profits are safe without the need to convert the money by decree or commonly called fiat.
¿How is BUSD different from other stablecoins?
The difference between BUSD and other currencies is that it is backed by fiduciary money, however, Paxos periodically throws audits in which the accounting firm Whitum completes these, resulting in the reserves of US dollars that correspond to the BUSD 1 supply: 1 as most stablecoins cannot hold all the reserves they guarantee.
¿Where can I buy it?
One of the ways you can buy BUSD is through Binance, since it has a wide variety of BUSD tradable in p2p trading, you can exchange a cryptocurrency, fiat cryptocurrencies or simply use a debit or credit card to buy the stablecoin, too. bank deposits are allowed.
Other alternatives is to go directly to the Paxos website to convert USD to BUSD first hand.
¿Where to find more information?
For more information such as movements, prices, explorers, contracts and more you can visit the following link: https://coinmarketcap.com/es/currencies/binance-usd/
Thanks to Gastcoin Gateway you can use this stablecoin for electronic commerce in a decentralized way, for more information click here