The exchange Binance has reported in a blog post that his BUSD stablecoin turns one year old today.
During this short period of time, the project team managed to broadcast more than 1 billion BUSD in just 261 days.
It was in September 2019 that this stablecoin was launched, eventually receiving approval from the New York Department of Financial Services (NYDFS). Binance notes that its stablecoin is highly regulated.
The numbers of BUSD, Binance's stablecoin
In the course of this year, in collaboration with Paxos, pairs with Bitcoin (BTC), Binance Coin (BNB) and Ripple (XRP) were introduced.
The numbers are impressive, as there are a total of 2.4 billion BUSD, more than 155 thousand users who have BUSD (counting only those of Binance), it is traded with 97 pairs and more than 30 exchanges have included it.
When trading BUSD on Binance, the manufacturer fee is zero.
Additionally, the exchange notes that BUSD undergoes regular audits, which helps ensure a perfect 1-to-1 match with the underlying US dollar.
BUSD and DeFi
In the post, Binance notes that just last month, up to 2 million BUSDs were added to decentralized protocol of Uniswap for pairs with Tether (USDT) and USDC.
This is because, especially in decentralized finance (DeFi), stable coins are becoming a very important tool which often allows interesting returns, as in the case of the Yearn Finance (YFI) project.
BUSD can also be found in various protocols like Aave, which guarantees around 9% APY on deposit, Curve Finance where it guarantees 28%, as well as in the various liquidity groups in Uniswap, 1inch, Mooniswap, Paraswap and Bepswap and many others.
Stable coins are also an excellent tool for those who are dedicated to trading, being able to exchange their crypto assets without going through their bank, thus solving the problem of volatility.