BUSD is a stablecoin pegged to the US Dollar (USD), issued by Paxos. Approved by the NYDFS, BUSD is available for purchase and redemption at a rate of 1 BUSD to 1 USD.
In addition, BUSD is green-listed by the NYDFS, making it pre-approved for custody and trading by any of the NYDFS’ virtual currency licensees.
BUSD is a fiat-backed stablecoin that maintains a U.S. dollar peg. For every unit of BUSD, there is one US dollar held in reserve. In other words, an amount of U.S. dollars equal to the total supply of BUSD is held in custody by Paxos, acting as its reserves in FDIC-insured U.S. banks.
❗️Pay attention that this is an instruction on making a BUSD BEP-20 wallet: it means that your coins will be compatible only with the BNB Smart Chain. Before making a wallet read our BUSD review to catch up all the details.
We will show you how to create a BUSD (BEP20) wallet on MetaMask.
Step 1. Go to MetaMask and click the «Download for Chrome» button.
Step 2. Click the «Add to Chrome» button and install the extension to your device.
Step 3. Once the extension is installed, it will open in a new window. Click the «Get Started» button.
Step 4. Agree with the terms of usage of MetaMask by clicking «I agree».
Step 5. Click the «Create a Wallet» button.
Step 6. Come up with a strong password and set it. Then press «Create».
Step 7. Watch the video about secret recovery phrase for the safety of your funds and then go next.
Step 8. Save the 12-word recovery phrase in a secure place.
You will need it to quickly regain access to your wallet. It is better to save the phrase in several places: without it, if the password is lost, it will be impossible to restore access to the wallet even through the support service. And never share this data with anyone!
Step 9. Confirm your Secret Recovery Phrase.
Step 10. Congratulations! You created a MetaMask account. Click «All done». But the work doesn't end here.
Step 11. Let's configure MetaMask to connect to the BNB Network. Click the arrow next to «Ethereum Mainnet» in the upper right corner. In the new menu click «Add Network».
Step 12. You need to fill in some details.
🕸 Network Name: Smart Chain
🔗 New RPC URL: https://bsc-dataseed.binance.org/
💬 Chain ID: 56
🪙 Symbol: BNB
📖 Block Explorer URL: https://bscscan.com
Step 13. Click «Got it». You have now connected to the Smart Chain.
Step 14. Now we need to add the BUSD token. Click «Import tokens».
Step 15. Enter the address of the BUSD contract and click «Add custom token».
📍 Adress: 0xe9e7cea3dedca5984780bafc599bd69add087d56
Step 16. Choose BUSD and click «Import tokens».