What is BUSD & how does it work?

Furthermore, with BUSD, users can earn money either passively or actively. Users can store BUSD in wallets and hold it, hedging their bets against the volatility of the accumulated digital assets, or they can trade with it on the Binance market. Binance continues to build new features into the BUSD coin.

How does Binance USD (BUSD) prove itself?

Meanwhile, BUSD proves itself by receiving approval from the NYDFS, one of the most infamously strict regulatory bodies in the world. Binance and Paxos have genuinely outdone themselves and perhaps everyone else on the stablecoin market with the creation of Binance USD (BUSD).

Is BUSD a stablecoin?

The coin was the first and one of three stablecoins to receive regulatory approval from the New York State Department of Financial Services (NYDFS). It is easy to buy and trade it over several platforms in the U.S. BUSD is an ERC-20 token that supports BEP-2. It is stored across several Paxos reserves globally.

Does BUSD support bep-2?

BUSD is an ERC20 token built on the Ethereum blockchain. However, it also supports BEP-2. BEP-2 is a technical standard that defines how new digital assets can be created and transferred on the Binance Chain. The Binance Chain is a blockchain platform developed by Binance.