Binance USD
About Binance USD
The price of Binance USD (BUSD) is $0.99945408 today, as of Sep 16 08:11 p.m., with a 24-hour trading volume of $26,360. Over the last 24 hours, the price has increased by 0.01%. Binance USD currently has a circulating supply of 1.01B and a market cap of $1.01B.
Binance USD, which is also known as BUSD, is a U.S. dollar stablecoin issued by crypto exchange Binance and blockchain company Paxos Trust. Similar to rivals USDC and tether (USDT), the BUSD stablecoin attempts to maintain a price of one U.S. dollar at all times through its backing of fiat reserves.
Traders use stablecoins to keep their holdings at a steady value and on the blockchain without withdrawing crypto for fiat currencies. They are some of the largest and most traded crypto assets, and BUSD is one of the most popular.
BUSD is worth $1. After the stablecoin was launched in September 2019, its price hasn’t deviated by more than a few cents, other than during the March 2020 flash crash. When the global pandemic hit financial markets in 2020, BUSD reached a high of $1.11 on March 11 of that year and an all-time low of $0.88 less than 24 hours later.
Paxos handles its issuance. Whenever someone wants to redeem BUSD for cash, Paxos burns (destroys) BUSD and sends cash to the withdrawer’s bank account. And whenever someone wants to create BUSD with U.S. dollars, Paxos mints more USD in exchange for the dollars.
As such, there isn’t a cap on the total number of BUSD that can ever exist – its supply depends on how much money people have entrusted to Paxos. As of May 2022, BUSD was the fourth-largest stablecoin by market capitalization after tether, USDC and TerraUSD (UST).