Binance USD (BUSD)

Binance USD (BUSD)

Binance USD is a stablecoin of the ERC-20 format released on Ethereum, Paxos being the initiator.

Paxos Trust Company hired Withim, a leading national audition company, for independent check-ups at any given moment to make sure the entire supply of BUSD is backed by USD on the reserve accounts in the U.S. banks under the management of Paxos. Withum completes all the accounting by the end of the month, using AICPA standards. Every check-up 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 ERC-20 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 backed by ERC-20 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, wrapped tokens on Minter are released in packets (they won’t exactly be 1:1 accurate with the backing coins on Ethereum). But only the 100%-backed amount will be allowed to circulate on Minter, the rest will be on the hot and cold wallets, 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 quantity 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 time 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 circulating on Minter is:

10 000 000 000 - 9 999 000 000 - 999 571.41 = 428.59 BUSDE (rounded to 2 decimal places)

In the meantime, the hot wallet balance which contains the BUSD that back the BUSDE on Minter contains 428.59 BUSD (rounded to 2 decimal places).

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Liquidity pools with BUSDE

You can view the existing liquidity pools in pairs 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 chart.

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BUSD cross-chain transfer

You can learn about transferring BUSDE and other tokens from Ethereum to Minter and back on 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 low fees ($0.01 for a transfer and $0.03 + 0.2% for a conversion). You can learn about other advantages Minter has on a corresponding page in our database.

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