Binance USD (BUSD) Now Listed on Faast faast Follow Apr 1 · 2 min read

Today we’re happy to announce that Binance USD (BUSD) is now available on Faast. Users of Faast will now be able to swap BUSD for other assets directly from their own wallet by visiting https://faa.st/app/connect or using the Faast Swap Tool on website, or any site supporting the Faast Swap API.

What is Binance USD (BUSD)?

BUSD is a US- dollar linked stablecoin that launched 2019 as the result of a partnership with Binance, the world’s largest centralized exchange, and Paxos Trust, a New York based financial institution that is also behind Paxos Standard Token (PAX), another USD stablecoin. (PAX is also available on Faast.)

One thing working in BUSD’s favor is that it has been approved by the New York State Department of Financial Services (NYDFS). US dollar holdings which back BUSD are held in US banks backed by the FDIC, and the company’s reserves are subject to compliance checks with Withum, a leading auditing firm. Attestations are posted each month on the Paxos website.

At this time, BUSD has a market capitalization of around $202 million USD, and as more crypto traders become familiar and comfortable with it, BUSD will likely become a more popular stablecoin.

source: CoinMarketCap

Interestingly, the value of BUSD has shot up above $1 USD several times since it’s launch, briefly spiking at $1.03. But for the most part, it has proven to be very stable and this should not be cause for concern.

What Wallets Support BUSD?

BUSD is not built on Binance Chain, but is instead an ERC20 token, so any wallet capable of supporting ethereum will support it.

If you use a Faast-compatible hardware wallet like Ledger Nano S, Trezor One or Trezor Model T, you can simply connect your wallet and begin trading BUSD right away.

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Time will tell how BUSD will fare against older, more established stablecoins. The project is still very new, but has rock-solid fundamentals.

Stablecoins may not be the most exciting thing in the world, but they serve an important purpose, and BUSD appears to be doing that job very well.