Binance USD is known as the stablecoin of Binance, the world’s largest cryptocurrency exchange by trading volume. Stablecoins, whose value is much more stable compared to other cryptocurrencies, are usually pegged to fiat currencies like the US dollar. As the name suggests, Binance USD is pegged to the US dollar, and 1 BUSD is bought and sold for 1 USD.
In fact, the stablecoin craze gained incredible popularity in 2018, and many new stablecoins were introduced to the market in 2019. Binance cryptocurrency exchange also wanted to enter this market and launched BUSD Coin. At the time of writing this article, the largest stablecoin is Tether, with a total market value of 16 billion dollars.
Following Tether, with a total market value of 2.935 billion dollars, is USD Coin, and below it at the 22nd place is Dai. Five ranks down, with a total market value of 691 million dollars, is Binance USD, followed by HUSD at 46th place, TrueUSD at 51st, and Paxos Standard at 54th. As can be seen, stablecoins like BUSD Coin have reached quite significant places within the top 100.
What is BUSD Coin?
So, what exactly is BUSD Coin and how is it used? Binance USD is actually a door for investors to escape through during times when the market is volatile. When BTC or other cryptocurrencies fall sharply, investors shift to stablecoins like BUSD Coin to minimize their losses.
How to Buy BUSD?
So, how and where exactly is Binance‘s stablecoin, BUSD, bought? As expected, it can be purchased via Binance.
- To buy BUSD, you first need to deposit USD balance into the exchange or buy a cryptocurrency that can be used instead. For this, first go to the Binance homepage, click on the “Buy Crypto” option in the upper left, and then click on the “Credit/Bank Card” tab.
- In the opened tab, choose how much USD you want to transact with, and select Tether, i.e., USDT, from the Coin section.
- After buying USDT, preview the “Buy-Sell” option in the upper left again and click on the “Classic” tab.
- In the opened section, select the USDT tab in the upper right, enter BUSD in the search button, and choose the opened BUSD/USDT pair below.
- Then go to the middle “BUY BUSD” tab, enter the amount you want to buy.
- Enter the desired amount and complete the process of buying BUSD by confirming the transaction.
