What is Binance coin (BNB) & Binance USDT (BUSD)?

Binance Coin (BNB) is the native cryptocurrency of the Binance Chain blockchain platform, serving as a utility token used to pay fees on the Binance Exchange. Binance USDT (BUSD) is a 1:1 dollar-backed stablecoin issued by Binance and Paxos. Both BNB and BUSD can be used to trade a variety of digital assets on the Binance Exchange.

What is Binance-peg BUSD (BUSD)?

BUSD is primarily issued by Paxos as an ERC-20 token on the Ethereum blockchain. However, it can operate on platforms that also use the BNB chain. Binance creates Binance-Peg BUSD by holding BUSD in an Ethereum blockchain address and minting corresponding Binance-Peg BUSD tokens.

Does Binance support BUSD?

In fact, Binance has recently released Binance NFT which supports BUSD quotations for NFT products. With more than thirty-six other established exchange platforms and more than twenty wallets supporting BUSD, trading with stablecoins continues to become easier for anyone anywhere.

What is Binance stablecoin (BUSD)?

The stablecoin is fully backed by cash and cash equivalent reserves of USD, and those reserves sit in FDIC-insured banks. You can also purchase and redeem BUSD from its issuer, Paxos. The Binance stablecoin is issued on several blockchains, including BNB Smart Chain and Polygon.