Binance USD is a stable coin issued by Binance, the world’s largest cryptocurrency exchange by trading volume. It is backed 1:1 by USD and is approved and regulated by the New York State Department of Financial Services (NYSDFS). Like all stable coins, BUSD attempts to peg its value to the external reference of the dollar. This makes it a less volatile cryptocurrency.
Due to its price stability, it has many use cases. For example, it is often used to exchange and transfer tokens between different exchanges. It can also be applied as a collateral asset for loans, deposited to earn interest, or simply used to pay for goods and services.