Review on Binance USD by Stephen Toluwani
Stablecoin issued with reputation
With the frequent volatility experienced by many crypto assets die to it's massive adoption today, stablecoins have come to ease this volatility without making traders run out to exchange thier crypto assets to fiat just to escape losses due to volatility. The BUSD project was initiated in response to this and being issued by the Binance exchange and partnered with Paxos which are two credible organisations, there is a sure hope that this project cannot fail. Being a stable coin pegged 1:1 to the United States dollar, it maintains a stable value to the world's most influential Fiat
The BUSD is issued on two blockchains, the Ethereum Blockchain and the Binance Smart Chain as ERC-20 and BEP-2 tokens respectively. Even being issued by Binance exchange, this token is a widely traded one and it's reputation of being issued by two reputable organizations means it will be a strong and long standing project for all traders
Pros
- The BUSD is issued by Binance and in partnership with Paxos, two verifable and credible crypto organisations
- The BUSD is pegged to the USD which means it maintains it steady value of 1 dollar to 1 BUSD
- The BUSD is a multichain tokens issued on the Binance Chain as BEP-2 token and Ethereum Blockchain as ERC-20 token
- Having a stable value of $1 the coin can be sent to anyone on the Blockchain in a matter of minutes
- The BUSD is traded on many exchanges for Fiat equivalents or other Crypto coins
- BUSD can be used for collateral and loans
Cons
- Nothing negative
