YouHodler Lists BUSD: New Dollar Backed Stablecoin with 10% APR
As of today, YouHodler clients can start earning 10% APR + compounding interest on Binance’s dollar-backed stablecoin, BUSD. BUSD, created in 2019 in partnership with Binance Paxos Trust Company is now the third stablecoin on YouHodler that has regulatory approval from the New York Department of Financial Services (PAX and PAXG being the other two).
YouHodler and BUSD on course to create a “multi-coin future”
When Binance first announced the launch of BUSD two years ago, Binance CFO Wei Zhou said that the creation of this stablecoin was a major step to provide an intricate, on-chain financial service for clients all around the world. Zhao added that the coming days of cryptocurrency represent “a multi-coin future where many different types and forms of stablecoins are traded actively on the exchange.”
YouHodler is now happy to be a part of this movement that benefits the greater crypto industry while simultaneously offering our clients a new method to earn a passive income. At 10% APR with weekly payments, a BUSD savings account features one of the highest rates on the market without the need to buy a native token or lock funds to access this rate. As a fully compliant stablecoin, BUSD is often stated as one of the “more stable” stablecoins out there.
What is Binance USD (BUSD)?
In the wake of certain skepticism regarding stablecoins, Binance USD (BUSD) is a refreshing option. BUSD is a USD-backed stablecoin (1:1) issued by Binance and in Partnership with Paxos Trust Company. The stable coin is approved and regulated by the New York State Department of Financial Services (NYDFS) and the BUSD Monthly Audit Report can be viewed from the official Paxos website.
Due to YouHodler’s recent Binance Smart Chain integration, it’s now possible to send and receive BUSD using BEP-20, savings clients money on fees and time as well.
How to earn interest on BUSD?
To start earning 10% APR on your BUSD, simply follow these instructions:
- Log into the YouHodler Android, iOS, or web version
- Deposit BUSD
- Start earning interest immediately.