BUSD

Binance USD (BUSD) is a stablecoin pegged to the US dollar and issued by Binance in partnership with Paxos. It is approved and regulated by the New York State Department of Financial Services (NYDFS). As a stablecoin, BUSD aims to combine the stability of the dollar with the efficiency of blockchain technology, providing a digital fiat currency that can be used for various transactions, including international transfers and trading, and as a stable store of value in the cryptocurrency market.

• Total Supply:

• The total supply of BUSD is not capped, meaning it can increase or decrease in response to market demand.

• Circulating Supply:

• The circulating supply matches the amount of US dollars held in reserve.

• Market Cap:

• Reflective of the circulating supply and the stable price pegged to the US dollar.

• Stability:

• BUSD maintains a 1:1 peg to the US dollar, ensuring price stability.

• Burn/Mint Mechanism:

• BUSD can be minted or burned by Paxos based on the cash flow in and out of the reserve.

As of today #{today’s date}, the price of BUSD is ₹0 INR or #{coinPriceUsd} USD, with a 24-hour trading volume of 11035632.21 USD. The market capitalization for BUSD is 68304015.19USD. The circulating supply is 68223480.92 BUSD, with the total supply also being 68223480.92 BUSD.

Pros:

• Regulatory Compliance:

• BUSD is one of the few stablecoins regulated by the NYDFS, ensuring compliance with stringent financial regulations.

• Backed by Fiat:

• Each BUSD token is backed by a corresponding US dollar, providing a high level of security and trust.

• Audited Reserves:

• The reserves backing BUSD are audited monthly, ensuring transparency and investor confidence.

• Versatility:

• BUSD can be used across various blockchains, increasing its utility in the crypto ecosystem.

• Integration:

• As a product of Binance, BUSD is widely accepted and integrated into one of the world’s largest cryptocurrency exchanges.

Cons:

• Centralization Risks:

• Being issued by a centralized entity, BUSD is subject to the decisions and solvency of Paxos and Binance.

• Regulatory Changes:

• Changes in regulations could impact the operation and acceptance of BUSD.

• Smart Contract Vulnerability:

• As with any blockchain-based asset, there is a risk of smart contract vulnerabilities.

• Market Acceptance:

• BUSD competes with other stablecoins, and its success depends on market acceptance.

• Redemption and Conversion:

• The process of redeeming or converting BUSD may be subject to limitations and fees.

• Stable Value:

• BUSD offers a stable value, making it a safe haven during cryptocurrency market volatility.

• High Liquidity:

• As a widely used stablecoin, BUSD provides high liquidity for traders and investors.

• Regulatory Oversight:

• The regulatory oversight by NYDFS adds a layer of security not present in many other cryptocurrencies.

• Ecosystem Support:

• BUSD is supported by a robust ecosystem, including Binance’s extensive network and services.

• Utility in DeFi:

• BUSD is increasingly being used in decentralized finance (DeFi) applications, expanding its use cases.

• Regulatory Approval:

• BUSD is one of the few stablecoins with explicit regulatory approval from the NYDFS.

• Partnership with Binance:

• The partnership with Binance ensures deep integration and widespread use within the Binance ecosystem.

• Multi-Chain Availability:

• BUSD is available on multiple blockchains, enhancing its interoperability and utility.

BUSD provides a solution to the volatility of cryptocurrencies by offering a stablecoin that can be used for transactions and trading and as a store of value. It also addresses the trust issue in the stablecoin market by being fully backed by US dollars and subject to regular audits and regulatory oversight.

BUSD was launched as a joint partnership between Binance, a leading global cryptocurrency exchange, and Paxos, a blockchain and finance company headquartered in New York. The team behind BUSD comprises experts from both Binance and Paxos, with backgrounds in finance, blockchain technology, and regulatory compliance.

BUSD did not have a traditional ICO as it is a stablecoin pegged to the US dollar. It was launched in September 2019, and the tokens are issued as needed based on demand and the amount of USD held in reserves.

• Regulatory Risk:

• Any changes in the regulatory landscape could adversely affect the issuance and use of BUSD.

• Counterparty Risk:

• The reliance on Paxos and Binance as central parties introduces counterparty risk.

• Market Competition:

• The stablecoin market is highly competitive, and BUSD faces competition from other established stablecoins.

• Technical Risks:

• There are inherent technical risks associated with blockchain technology and smart contracts.

• Liquidity Constraints:

• While BUSD is generally liquid, there may be scenarios where liquidity is constrained.

The whitepaper for BUSDX, a BEP-20 token on the Binance Smart Chain (BSC), presents a comprehensive overview of the token’s purpose, values, benefits, and strategic plans. The document is structured into several sections, each detailing different aspects of the token and its ecosystem.

Overview

BUSDX was introduced as a solution to the low-yield environment in traditional finance, offering investors a way to earn passive income through a built-in tax system for transactions. The token operates on the BSC, benefiting from its security features. Each BUSDX transaction incurs an 18% tax, which is distributed as follows: 10% to token holders in BUSD, 5% for marketing and development, and 3% to provide liquidity on PancakeSwap. This system is designed to reward holders and ensure the project’s sustainability.

Values

The whitepaper emphasizes the core values of the BUSDX community, which include community engagement, transparency, trust, and longevity. It highlights the importance of community participation and outreach with active channels on social media platforms. The token is presented as decentralized, with a commitment to transparency and trust-building measures such as contract audits and locked liquidity pools.

Benefits of BUSD

BUSD, the stablecoin used to reward BUSDX holders, is described as a secure and stable asset, fully backed by US dollars held in FDIC-insured banks. The whitepaper underscores the benefits of earning rewards in a stablecoin, which provides a hedge against the volatility of other cryptocurrencies, including BUSDX itself.

BUSDXpay and BUSDXpad

BUSDXpay was introduced as a platform aimed at making cryptocurrency as easy to spend as fiat globally. It is slated for release in the second quarter of 2022 and promises to offer online purchasing capabilities with BUSD rewards.

BUSDXpad is presented as a launchpad for Initial DEX Offerings (IDOs), focusing on projects that may not have access to larger IDO platforms. It outlines the benefits for BUSDX holders, such as exclusive privileges and guaranteed allocations in IDOs based on the duration and number of tokens held.

Tokenomics

The whitepaper details the tokenomics of BUSDX, explaining the tax distribution mechanism that funds BUSD rewards, marketing, and liquidity. It also describes the automatic liquidity provision on PancakeSwap, which ensures that trades are executed successfully.

Roadmap

The roadmap outlines the phased development plan for BUSDX, including website launch, contract audits, presale and liquidity locking, PancakeSwap launch, listings on CoinGecko and CoinMarketCap, holder milestones, and the development of BUSDXpay and BUSDXpad. It also mentions offline advertising and partnerships, with more announcements to come.

In summary, the whitepaper presents BUSDX as a community-driven token that offers passive income opportunities through a tax redistribution system. It emphasizes the stability and security of earning rewards in BUSD and outlines ambitious plans for the token’s integration into payment systems and support for emerging projects through its launchpad.