Binance USD (BUSD)

Binance USD (BUSD)

Binance USD is a stablecoin of the ERC20 format released on Ethereum, Paxos being the initiator.

Paxos Trust Company attracted Withim, a leading national audition company, for independent checkups at any given moment to make sure the entire supply of BUSD is supplied by USD on the reserve accounts in US banks under management of Paxos. Withum completes all the accounting by the end of the month, using AICPA standards. Every checkup report published since the launch of BUSD can be viewed here.

Where and how you can get BUSD

BUSD to Minter

BUSD on Minter is a wrapped BUSD of the ERC20 format that has more advantages thanks to the nature of Minter.

On the Minter blockchain the BUSD stablecoin has the ticker BUSDE and is fully supplied by ERC20 BUSD.

BUSDE tokens on Minter

BUSDE hot wallet — Mx68f4839d7f32831b9234f9575f3b95e1afe21a56 BUSDE cold wallet — Mx7072558b2b91e62dbed78e9a3453e5c9e01fec5e

BUSD tokens on Ethereum (supplying BUSDE on Minter) BUSD hot wallet — 0xC735478EF7562ecc37662FC7c5e521eb835F9Dab BUSD cold wallet — 0x58BD8047F441B9D511aEE9c581aEb1caB4FE0b6

To minimize fee expenses, on Minter wrapped tokens are released in packets (they won’t exactly be 1:1 accurate with the supplying coins on Ethereum). But only the 100% supplied amount will be allowed to roam on Minter, the rest will be on the hot wallet and the cold wallet, which are controlled with multisigs.

It doesn’t affect security and reliability, since minting and burning wrapped tokens on Ethereum is also managed by multisigs and they can be minted or burned at any moment upon reaching a required amount of votes. In this case Minter has an advantage over Ethereum as it doesn’t spend any money at all on fees.

Example

The first packet of BUSDE on Minter consists of 10 000 000 000 BUSDE.

At the moment of writing the cold wallet has 9 999 000 000 BUSDE.

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Meanwhile the hot wallet has 999 571.41 BUSDE

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This means the amount of BUSDE roaming on Minter is:

10 000 000 000 - 9 999 000 000 - 999 571.41 = 428.59 BUSDE (rounded down to 2 characters after the period)

Meanwhile the hot wallet balance which contains the BUSD that supply the BUSDE on Minter contains 428.59 BUSD (rounded down to 2 characters after the period).

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Liquidity pools with BUSDE

You can view existing liquidity pools in a pair with BUSDE on a Minter Explorer page or at Chainik.

By clicking on a pair you can see all the basic liquidity information, token price correlation, daily trade volume, daily fee amount received by liquidity providers and the current APY — yearly profitability.

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And on the page of the pair at Chainik you can also track the price change graph.

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BUSD cross-chain transfer

You can learn about transferring BUSDE and other tokens from Ethereum to Minter and back at our page about cross-chain transfers.

Advantages of BUSD on Minter

The advantages of having a wrapped BUSD, like other tokens on Minter, lie in the blockchain’s possibilities — first off, the transaction speed (less than 5 seconds) and the low fees ($0.01 for a transfer and $0.03 + 0.2% for a conversion). You can learn about other advantages Minter has at a corresponding page on our database.

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