Home Cryptocurrency Binance Learn & Earn Answers: What Is BUSD Quiz Answers

Binance Learn & Earn Answers: What Is BUSD Quiz Answers

by cryptocreed

Last Updated on January 5, 2024 by cryptocreed

Latest Binance Learn & Earn Quiz Answers: What Is BUSD Quiz Answers

Binance has its own stablecoin issued by Paxos & for sure backed by Binance. BUSD or Binance USD is used by Binance platform as its own stablecoin.

BUSD was issued in 2019 and later widely accepted by Binance users. Currently Binance USD is 6th most used coin as per coin market cap with $22,061,576,263 and last 24 hours volume was $5,816,774,673.

BUSD is a 100% backed by US Dollar holding by company in their US banks or in US treasury bills. It is a one of the only USD backed stablecoin that has got approval from New York State Department of Financial Services (NYDFS).

Things To Remember While Taking What Is BUSD Quiz

  1. Learn and Earn page can be accessed here “https://academy.binance.com/en/learn-and-earn”.
  2. Login to check if you are eligible or not.
  3. Try to use a mobile device.
  4. Questions will be not in the same format for everyone.
  5. Rewards will get credited to your account within 48 hours.
Total reward: 0.50 BUSD = 0.50 USD
Start & End Date: 07/12/2022 09:00 UTC to 20/12/2022 09:00 UTC
What to do: Watch a video of 2.11 minutes and answer 10 questions.

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Also Read: Binance Learn & Earn Quiz Answers: Binance Polymesh Quiz Answer

Binance Learn & Earn Answers: What Is BUSD Quiz Answers

There are 10 questions asked in this Binance What Is BUSD Quiz. Questions might be not in same order so use CTRL+F to search for question & its answer.

Q1. What is the name of the BUSD-pegged token Binance offers on BNB chain and other chains?

Answer: Binance-peg BUSD

Q2. What is the total supply of BUSD?

Answer: Just over 22 billion

Q3. Which chain is BUSD minted on by Paxos?

Answer: Ethereum

Q4. Who regulates BUSD?

Answer: NYDFS (New York Department of Financial Services)

Q5. Who mints BUSD?

Answer: Paxos

Q6. What fiat currency is BUSD pegged to?

Answer: U.S. Dollar

Q7. BUSD is backed 1:1 with:

Answer: Cash reserves

Q8. How can you purchase BUSD or Binance-Peg BUSD?

Answer: All are correct

Q9. What can BUSD be used for?

Answer: All are correct

Q10. Which of the following descriptions is incorrect?

Answer: BUSD doesn’t provide a monthly basis attestation report.

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