Paxos, the partner of the world’s largest cryptocurrency exchange Binance, burned 61.634908 Binance USD worth about $ 61665725.45.
What is BUSD?
BUSD is also known as Binance USD. Binance Chain‘s BEP-2 standard is supported by BUSD, which is built on the Ethereum blockchain. Unlike competing stablecoins such as Tether’s USDT and Circle’s USDC, its goal is to make trading simple by converting traditional fiat currency into cryptocurrency assets.
With Paxos, All of the Fiats Are Safe
Traders use stablecoins to maintain the value of their assets. Stablecoins can be held on the blockchain without being exchanged for fiat money. BUSD, on the other hand, is among the most popular stablecoins.
When someone wants to exchange BUSD for cash, Paxos burns it and transfers the money to the withdrawer’s bank account. However, if someone wants to create a BUSD using US dollars, the platform will mint more US dollars accordingly. Finally, BUSD can be generated by transferring funds to Paxos or exchanging it for fiat currency and other cryptocurrencies in markets such as Binance.
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