The world’s biggest cryptocurrency exchange said it will convert the existing user balance of unsupported stablecoins to BUSD by the end of September 2022. In early September 2022, Binance announced that it was removing support for the USDC, Pax Dollar (USDP) and TrueUSD (TUSD) stablecoins on all its products. A BUSD is issued for every one US dollar of customer deposit.Īs of 1 October, the circulating supply of BUSD stood at over 21.04 billion tokens, data from CoinMarketCap showed. Stablecoins like BUSD do not have a capped supply. It should be noted that while blockchain data is transparent and wallet balances are viewable to the public, the identity of the wallet address holder remains anonymous. On the BNB Chain, an unidentified wallet was the largest BUSD holder, with holdings worth $1.01bn, BscScan data showed.

The unidentified wallet address held BUSD worth $1.64bn.īinance-linked wallet addresses held BUSD worth over $18bn, representing over 85% of BUSD circulating on the Ethereum blockchain. Of the five top holders of Binance USD, only one was not identified as belonging to Binance. So, who has the most Binance USD?īlockchain data on EtherScan revealed that a wallet address identified as Binance was the biggest holder of BUSD, with holdings worth $12.3bn, equal to 58% of the stable coin’s circulating supply on Ethereum, as of 1 October 2022. We can learn who the biggest Binance USD holders are. As of October 2022, the majority of BUSD in circulation were on Ethereum. USD is issued on the Ethereum blockchain as an ERC-20 token and on the BNB chain as a BEP-20 token. It was behind USDT, USDC and DAI on the data provider’s list. The Paxos website claims its stablecoin operations are regulated by the New York State Department of Financial Services as a trust company.ĭata from CoinGecko showed BUSD was the fourth-most available stablecoin on the market, with 132 centralised and decentralised crypto exchanges listing BUSD, as of 30 September. The company is responsible for performing regular audits to ensure the US dollar reserves held are equal to the supply BUSD at a 1:1 ratio.Īccording to Binance, BUSD provides a monthly audited report of USD reserves in compliance with regulatory standards. Paxos is the USD custodian and issuer of BUSD. It is issued on multiple blockchain networks, including Ethereum ( ETH), BNB Chain ( BNB), Polygon ( MATIC) and Avalanche ( AVAX).īinance USD was created in 2019 by a collaboration between cryptocurrency exchange Binance and blockchain infrastructure company Paxos. It is the third largest stablecoin by market capitalisation after USDT and USDC, which are valued at about $68bn and over $49bn, respectively.īUSD is pegged to and collateralised by the US dollar. US30 US Wall Street 30 (USA 30, Dow Jones)īinance USD is the seventh largest cryptocurrency, with a market capitalisation of over $21bn, as of 1 October 2022.

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