Binance USD (BUSD) is a stablecoin that is pegged to the value of the US dollar. Since its launch in September 2019, BUSD has grown to become one of the most widely used stablecoins in the crypto market. In this article, we will take a look at some of the largest milestones of BUSD since its launch.
- Approval and regulation by the New York State Department of Financial Services (NYDFS): One of the biggest milestones for BUSD was its approval and regulation by the NYDFS. This ensures that BUSD is fully compliant with regulatory requirements and provides a level of trust and security for users.
- Market capitalization: BUSD’s market capitalization has grown exponentially since its launch, reaching over $14.6 billion by the end of 2021. This makes it the third-largest stablecoin by market capitalization, behind Tether and USDC.
- Adoption by wallets, platforms, and services: BUSD has been adopted by a wide range of wallets, platforms, and services. These include popular wallets like Metamask, Trust Wallet, Trezor, and Zapper, as well as platforms and services such as travel booking site Travala, payments gateways like Moonpay and Banxa, payment APIs like Wyre, and multi-currency payment services like IvendPay and Paylot.
- Adoption by decentralized exchanges: BUSD has also been adopted by a number of decentralized exchanges (DEXs) including PancakeSwap, Uniswap, 1inch, Curve Finance, Ellipsis, and SushiSwap.
- Adoption by centralized exchanges: BUSD can be traded on a number of centralized exchanges (CEXs) including Binance and Binance.US, FTX, Gate.io, WazirX, and MEXC.
- Increased use in DeFi: BUSD is increasingly being used in decentralized finance (DeFi) applications, particularly as collateral for loans and in futures trading.
- Binance launch BUSD Visa debit card: Binance Launch BUSD Visa debit card, which will allow users to spend BUSD at over 60 million merchants worldwide.
In conclusion, BUSD has seen a lot of growth and milestones since its launch in September 2019. With its approval and regulation by the NYDFS, growing market capitalization, and wide adoption by wallets, platforms, services, DEXs and CEXs, BUSD has established itself as a stable and reliable alternative to traditional cryptocurrencies. It also started to be used in DeFi and now Binance launch BUSD Visa debit card, which will allow users to spend BUSD at over 60 million merchants worldwide.