Review on Binance USD by Japheth Ayuba
USD Stablecoin backed by Binance
The BUSD is a Stablecoin backed by Binance and Paxos. As a stablecoin, it's value is pegged to the US dollars on a 1:1 ratio with less volatility in the price. With the price of the BUSD being a relatively stable price, it's an ideal Crypto asset for flexible and locked savings and juicy returns. The relative stability of the BUSD protects one from the frequent volatility of the Crypto market. Going through coinmarket ranking, the BUSD is like the most 3rd most used Stablecoin based on its 24hour volume and ranks 4th of the stablecoins for it's market capitalization. The project gives transparency a major backing by releasing it's monthly audit report which can be accessed on the Binance website. Being a multichain tokens, it can be used on the Ethereum Blockchain and the Binance Chain. I seriously recommend this projects products as compared to any other stablecoins
Pros
- A Crypto asset pegged 1:1 to the US dollars giving it a stable value with lesser volatility
- The coin is issued by Binance and Paxos which can account for credibility
- Another note of its credibility is seen in it's transparency by releasing it's monthly audit report which can be viewed on the Binance website
- The BUSD is a multichain Stablecoin as it hosted as an ERC-20 and BEP-2 token
- The BUSD is like the 3rd most used Stablecoin based on its volume and 4th based on its market capitalization which shows high adoption
- Being a stablecoin, it's an ideal Crypto for flexible and locked saving due to its lesser volatility nature
Cons
- There is no negative comments. Being backed by Binance & Paxos and it's monthly audit report, I guess this is a great project
