Binance Expand BUSD Trading Pairs on Their Platform

Binance Expand BUSD Trading Pairs on Their Platform

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There are now more ways than ever before to trade the Binance stablecoin, BUSD thanks to the listing of the asset on their p2p service which will mean 3 new pairs with major fiats.

The BUSD, which is pegged 1:1 with the USD and has been approved by the New York Department of Financial Services (NYDFS), is the second token to come out of Binance, aside from their native BNB token. Launching back in back in September in a partnership with Paxos, the asset quickly made a significant impact on the world of cryptocurrency and has been offered for trading at various other platforms.

The coin is aiming to compete with some of the major stablecoins on the market such as USDT and USDC.  Already Binance’s stablecoin has an impressive market cap of $17,564,232 USD, at the time of writing, and is currently positioned at 194 on Coinmarketcap – an impressive feat considering the token has only been in existence for less than 6 months. With all its projects Binance does not rest until it is a formidable presence in the cryptocurrency market and BUSD is no difference.

Hence why the move came yesterday to help push the interest in BUSD higher by increasing the access to the token by listing it on their P2P service. With this addition to the P2P service, three additional trading fiat pairs will be available to use with the BUSD and the stablecoin can now buy and sell BUSD against Chinese Yuan (CNY), Vietnamese Dong (VND) and the Russian Ruble (RUB).

The decision to roll this out on their P2P project is also an interesting one, as this area of the Binance Umbrella is one that has been around for a very similar period of time as the BUSD, having opened its doors in October 2019. This too has grown rapidly and is said to have processed over 250 million US dollars in trading volume. Buying and selling BTC, ETH, BNB and USDT via these three aforementioned currencies has been possible for a while, so BUSD is simply the latest option to be paired with these fiat currencies on their P2P service.

Talking about BUSD in relation to this new listing on the P2P platform and the fiat pairs, Changepeng Zhao, the Binance CEO, explained, “Nowadays stable coins are not just a hedging tool for crypto investors but also a favourable option for many new users when they buy crypto for the first time. We are pleased to introduce BUSD, a regulated US Dollars-backed stablecoin to our global user for peer-to-peer trading.” Going on to state, “with BUSD, users can trade against over twenty cryptocurrencies with zero fees on Binance spot and margin trading platforms, and earn interests with lending.”

If you are keen to get involved in the BUSD then you can benefit from a special promotion but you will have to move quickly as it is only running until tomorrow. However, what you need to do is purchase 100 BUSD before the promotion period ends and you can subscribe to a 15-day fixed-term lending product open from 2020/02/17 12 PM (UTC) and earn interest at an 15% annualized rate. As well as this, don’t get that if you trade at the P2P service on your mobile you will trade with no transaction fees.

Go to Binance now to learn more about P2P trading and BUSD.

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