Binance: 2.4 billion BUSD in a year
Binance: 2.4 billion BUSD in a year
Stable Coin

Binance: 2.4 billion BUSD in a year

By Alfredo de Candia - 9 Sep 2020

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The Binance exchange has reported in a blog post that its stablecoin BUSD turns one year old today.

During this short period of time, the project team managed to issue over 1 billion BUSD in just 261 days.

It was September 2019 when this stablecoin was launched, which over time received the approval of the New York Department of Financial Services (NYDFS). Binance points out that its stablecoin is highly regulated.

The numbers of BUSD, the stablecoin of Binance

In the course of this year, in collaboration with Paxos, pairs with Bitcoin (BTC), Binance Coin (BNB) and Ripple (XRP) were introduced.

The numbers are impressive, as there are in total 2.4 billion BUSD, over 155 thousand users who hold BUSD (counting only those on Binance), it is traded with 97 pairs and over 30 exchanges have listed it.

When trading BUSD on Binance, the maker fee is zero.

In addition, the exchange points out that BUSD undergoes regular audits, which helps to guarantee a perfect 1-to-1 match with the underlying US dollar.

BUSD and DeFi

In the post, Binance points out that last month alone, as many as 2 million BUSD were added to Uniswap‘s decentralized protocol for pairs with Tether (USDT) and USDC.

This is because, especially in decentralized finance (DeFi), stablecoins are becoming a very important tool that often allows interesting returns, as in the case of the Yearn Finance (YFI) project.

BUSD can also be found on various protocols such as Aave, which guarantees about 9% APY on deposit, Curve Finance where it guarantees 28%, as well as the various liquidity pools on Uniswap, 1inch, Mooniswap, Paraswap and Bepswap and many others. 

Stablecoins are also an excellent tool for those who engage in trading, being able to exchange their crypto assets without going through their bank, thus solving the problem of volatility.

Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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