What is Binance USD (BUSD)?

[Suba]

Binance USD (BUSD) is a stablecoin, which is pegged to the USD.
Binance USD was issued in 2019 by the Paxos company in partnership with Binance and BUSD runs on the Ethererum network (ERC-20 token). But extended to another blockchain network Binance Smart Chain (BEP20). So technically there are two types of BUSD circulating on the crypto market, namely BUSD issued by Paxos and there is also BUSD issued by Binance.

Currently there is hot news that the SEC is suing BUSD which was created by Paxos and Binance as unregistered securities. According to you. What will be the fate of BUSD users?

 

[Magnus2022]

BUSD have continue to appreciate though gradually. I strongly believed that the negative news will not stop Binance USD from been used by many cryptocurrency lovers. Once, the cryptocurrency exchange is still existing and breaking grounds, the token is secured. I believe the news will not affect the price of the token a bit.

 

[riberet19]

You have to be careful with this stablecoin and not fantasize that nothing will happen with it, its risk of illiquidity is really high, its marketcap does not stop falling from the news, it is not simply news, it is that this token has basically had a soft ban, investors are abandoning the asset here as the marketcap is gradually falling, it have lost almost 3 billion dollars of marketcap in a few days.

 

[Reedex]

All the cryptocurrency project that was launched also endeavour to try and create their own stablecoin that is why it is very difficult for you to come across any cryptocurrency project that does not have its own stablecoin.

 

[flower]

The busd is the stablecoin of the BNB and it is doing well in the crypto-currency market . There are so many people that are using it presently due to its popularity in the crypto space.

 

[gammarays]

Busd is the most used stable coin in BNB network and one of the most popular stable coins. Now they're no longer supported, Paxos will still keep the peg for almost a year to help holders move to other alternatives.

 

[riberet19]

BUSD since the end of its commercial partnership between paxos trust and Binance and its stop to the minting of more BUSD is seen for judgment, has already fallen from 16.5 billion marketcap to 8.44b today in less than a month

 

[gammarays]

BUSD since the end of its commercial partnership between paxos trust and Binance and its stop to the minting of more BUSD is seen for judgment, has already fallen from 16.5 billion marketcap to 8.44b today in less than a month

Yes holders have been advised to move their portfolio away to other tokens or fiat. Paxos will provide support to make sure it maintains it's peg till early next year.

 

[Stardom22]

I sincerely have got no idea about that. This is something that I am not interested in . However I would like to know too thats why I am here too to learn and exchange ideas.

 

[riberet19]

Yes holders have been advised to move their portfolio away to other tokens or fiat. Paxos will provide support to make sure it maintains it's peg till early next year.

Yes, my comment is just one more comment so that people do not get left behind or trapped in this token and change it to fiat or another cryptocurrency because it does not look good what is happening with the token in reality.

 

[gammarays]

Yes, my comment is just one more comment so that people do not get left behind or trapped in this token and change it to fiat or another cryptocurrency because it does not look good what is happening with the token in reality.

I think anyone who doesn't change his will have himself to blame because the platforms like Paxos and Binance have put in efforts to ensure holders switch to other tokens or convert to Fiat.

 

[Reedex]

I think anyone who doesn't change his will have himself to blame because the platforms like Paxos and Binance have put in efforts to ensure holders switch to other tokens or convert to Fiat.

The Binance BUSD is a stablecoin of binance and a promising cryptocurrency.

 

[uptrendfinancialsignal]

The BUSD is similar to the usdt because they are both pegged around the dollar.