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Binance USD is a digital currency that exclusively accepts US Dollars as payment (USD). The rate of exchange between the BUSD and the USD is always 1:1. Binance USD is a component of the Binance Coin platform, which is one of the world’s largest cryptocurrency exchanges. The market value of a US dollar-backed stablecoin has reached $100 million, eating away at the market dominance of Tether’s TUSD.

The coin, also known as BUSD, is almost entirely traded on the Binance platform, with a market cap of $115 million, almost equal to the total worth of dollars deposited with its issuer, Paxos. The Binance USD cryptocurrency is built on the Ethereum network.

Stablecoins are blockchain-based assets or currencies that are linked to traditional assets or currencies like the US dollar. Due to regulatory or banking constraints, they’re utilised to trade on cryptocurrency exchanges when crypto/fiat pairings aren’t accessible. The BUSD is backed by US dollars held in an FDIC-insured US bank and is audited regularly.

Binance is one such exchange where trading cryptocurrencies with dollars is not possible. As a result, stablecoins like BUSD are critical to its operations. Tether (USDT), which has a significantly greater volume on Binance than BUSD, is among the other stablecoins listed. According to CoinGecko statistics, Tether accounts for over 40% of BUSD trade, while the BUSD/BTC trading pair is second at 35%.

Tether is linked with almost every asset listed on Binance, and its volumes are significant. The USDT/BTC combination, for example, saw $611 million in activity during the last 24 hours. During that period, the BUSD/BTC pair had only $16 million in volume.

However, given its early advances, BUSD has a chance to be the dollar-backed crypto currency to beat. According to Paxos, a New York-based cryptocurrency exchange, BUSD’s market value has increased by more than 400 percent in the last month, reaching $115 million from $22 million.

“BUSD’s meteoric rise demonstrates that the market is in desperate need of a new currency. Paxos co-founder Rich Teo said in a statement on Wednesday, “We’re pleased about this milestone and glad to collaborate with Binance to offer an ideal solution for our worldwide users.”

Tether, a stablecoin with a market worth of $4.6 billion, is embroiled in a legal dispute with New York’s Attorney General over its financial activities. Tether has never released a comprehensive audit of its reserves, however it does maintain a transparent page that is updated on a regular basis.

Other bank-audited stablecoins include the Circle and Coinbase-backed USDC, which has a market value of $406 million. Paxos also has its own branded stablecoin, Paxos Standard, with a market value of $206 million.

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