Binance USD (Linea)Price

(BUSD)

Binance USD (Linea)(BUSD) refers to the stablecoin Binance USD (BUSD) operating on the Linea network. Binance USD, or BUSD, is a stablecoin designed to maintain a 1:1 peg with the US dollar. It was issued by Paxos, a regulated financial institution, on behalf of Binance. BUSD was launched in September 2019 and aimed to combine the stability of traditional currency with blockchain technology. It was approved and regulated by the New York State Department of Financial Services. For every BUSD issued, Paxos reportedly maintains an equivalent amount of US dollars or assets in reserve. BUSD functions as a digital fiat currency and was available as both an ERC-20 token on the Ethereum network and a BEP-2 token, also supporting BEP-20 on the Binance Smart Chain. Its general uses included transferring digital dollars, trading, and serving as collateral. However, the New York State Department of Financial Services ordered Paxos to stop minting new BUSD tokens in February 2023, and Binance announced the discontinuation of BUSD support on September 1, 2023. Linea is a Layer-2 scaling solution for the Ethereum network, developed by Consensys. It aims to improve Ethereum's scalability by offering faster transaction processing and lower fees, all while maintaining the security of the main Ethereum network. Linea operates as a zero-knowledge Ethereum Virtual Machine (zkEVM) rollup. This means it processes transactions off-chain and then submits a cryptographic proof, known as a zero-knowledge proof, to the Ethereum mainnet for verification. Linea is designed to be fully compatible with the Ethereum Virtual Machine, allowing developers to easily migrate their existing Ethereum-based decentralized applications to the Linea network. Transaction fees on Linea are paid using Ethereum's native cryptocurrency, ETH, rather than a separate Linea token. Binance USD (Linea)(BUSD) is the representation of the BUSD stablecoin within the Linea ecosystem. It is intended to function as a US dollar-guaranteed stable asset on this Layer-2 network. This allows users to conduct transactions and store value in a stable digital currency within the Linea environment. While general BUSD support was discontinued, BUSD (Linea) tokens can still be found and traded on decentralized exchanges operating on the Linea network, such as SyncSwap (Linea), EchoDEX, and iZiSwap (Linea). Users can typically add BUSD (Linea) to cryptocurrency wallets like MetaMask by importing the token using its specific contract address for the Linea network. Learn more

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