BUSD/INR: Convert Binance USD (BUSD) to Indian Rupee (INR)

Binance USD (BUSD) is a digital fiat currency that aims to combine the stability of the US dollar with the innovative potential of blockchain technology. It is a 1:1 USD-backed stable coin, meaning each BUSD token is equivalent to one US dollar. This stable coin is issued as ERC-20 and supports BEP-2, two popular standards for creating and issuing smart contracts on the Ethereum and Binance Smart Chain platforms respectively. BUSD is approved and regulated by the New York State Department of Financial Services (NYDFS), ensuring its compliance with financial regulations. It is issued by Paxos Trust Company, LLC in partnership with Binance.

BUSD operates on the principle of being fully backed by reserves held in either fiat cash in dedicated omnibus accounts at insured U.S. banks or U.S. Treasury bills. This backing ensures the stability of the BUSD value, making it a reliable digital representation of the US dollar on the blockchain. The issuance and redemption of BUSD can be done without any extra fee. It is issued on the Ethereum blockchain, and a wrapped version of BUSD is also offered on the Binance Smart Chain.

BUSD strives to serve a variety of use cases in the digital economy. Its price stability makes it a valuable asset in transactions, payments, and settlement, as well as in Decentralized Finance (DeFi). BUSD can be transferred anywhere in minutes, with low cost and on the blockchain, making it a convenient medium of exchange. It can also be used as payment for goods and services, as collateral and loan asset, and as cross collateral in Futures. Furthermore, BUSD can be stored on an exchange or in a wallet, providing users with flexibility in managing their digital assets.

Launched on September 5, 2019, BUSD has seen significant growth, particularly in 2021. The stablecoin's market capitalization grew from around US$1B at the start of 2021, to over US$14.6B at the end of the year, making it one of the largest stablecoins by market cap. This growth is largely attributed to increased user adoption as more wallets, platforms, services, and exchanges began to support BUSD. In April 2022, Binance made a notable donation of $2.5 million in BUSD to a UN refugee agency, marking the agency's first stablecoin crypto donation and demonstrating the potential of cryptocurrency in supporting humanitarian aid.