Binance USD PRICE USD CHART

Binance USD is a stablecoin collateralized with the US dollar. Stablecoins are cryptocurrencies compatible with blockchain-based instruments, but unlike other crypto assets, they offer the price stability of fiat currencies. This makes stablecoins like BUSD ideal for investors looking for a safe harbor for their funds within the digital assets ecosystem. 

Binance USD is issued by Binance (the largest centralized exchange for cryptocurrencies to date) in partnership with Paxos, which maintains the reserves of US dollars in its bank accounts in the US. Binance USD is approved by the New York State Department of Financial Services (NYDFS), offering immense conviction to the integrity of the fiat assets backing the BUSD stablecoins.

BUSD is a fully fiat-collateralized custodial stablecoin. This means that for every unit of circulating BUSD on the blockchain, there is a dollar sitting in the US bank account of Paxos that offers it the required price stability.

In September 2019, Binance collaborated with Paxos, a financial technology and blockchain company, to launch Binance USD as a part of its Venus project —  an initiative to offer decentralized finance (DeFi) services using the Binance Smart Chain (BSC). In an effort to build a seamless global payments system, Binance and Paxos made the issuance of BUSD without any extra fee.

BUSD is natively an ERC-20 token living on the Ethereum blockchain. This enables the stablecoin to leverage the security of the Ethereum network by having its abundantly decentralized network of validators worldwide verify and record BUSD transactions on the Ethereum public ledger.

BUSD also exists on the Binance Chain. Rather than creating an organic stablecoin framework on the Binance Chain, BUSD exists as a BEP2 token ‘wrapped’ to the ERC-20 BUSD tokens on the Ethereum blockchain. This works by locking BUSD tokens on the Ethereum blockchain in a smart contract and issuing an equal number of BUSD tokens on the Binance Chain.

Both the Ethereum blockchain and the Binance Chain are immensely decentralized and maintain top-tier security standards to ensure fund safety. They have been battle-tested numerous times throughout their history to prove their resilience against malicious actors. 

Oftentimes, these malicious actors target wallets and private keys of users rather than the blockchain network itself to conduct online theft and frauds.

Online/hot wallet users who are not diligent about security may fall prey to malware attacks and online scams by these scammers and may expose their private keys. Even centralized exchange users are not completely safe. Not having access to private keys that are holding their funds puts them at the risk of losing their investments if the exchange goes under.

Hardware/cold wallets are the most secure means of storing crypto assets. Malicious actors online cannot access cold wallets as these storage devices are taken off the grid.

BUSD can be bought on multiple centralized and decentralized exchanges. CEXs are famous for their convenience, but users have to reveal privacy-invasive information about themselves like KYC to use the platform. CEXs also hide private keys so that the funds cannot be used outside their platform. 

DEXs do protect user privacy, but still, leave points of failure when used with online wallets. DEX users have sovereignty over their funds with the help of private keys, but exposure to frauds and scams leaves them compromised.

With Ledger, users can buy and transfer BUSD into Ledger hardware wallets and have supreme control over their assets and private keys. Ledger Live is a dynamic tool to track the real-time performance of one’s investments and make diligent investment decisions.

Learning to use Ledger services is pretty simple, options to pay with fiat money using Credit/Debit cards or PayPal are also available. Follow these steps:

• Get a Ledger hardware wallet.
• Download and install Ledger web or mobile application.
• Connect the Ledger app with the Ledger hardware wallet.
• Install the Ethereum application from the app catalog.
• Add a BUSD account.
• Start buying BUSD using Ledger Live.

It is important to note that Ledger supports BUSD transactions on Binance (bep2), Ethereum (ERC-20), and the Polygon chain. Make sure to create the right account that supports the desired blockchain for executing transactions.

Users also can swap or trade BUSD on Ledger Live for other cryptocurrencies for a dynamic and diversified portfolio that maximizes returns. The hundred of swap pairs available on Ledger can be accessed as follows:

• Get a Ledger Hardware Wallet.
• Download Ledger Live.
• Install the ‘Exchange’ application on Ledger Live, along with the applications for the coins you wish to swap.
• One must have BUSD in the linked hardware wallet to facilitate the swap. 
• Once there are sufficient assets in the wallet, swapping is possible.
• Ledger Live for BUSD has only support on the Ethereum and Polygon blockchain.