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.
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.