<p>It makes sense to me that they don't offer a USD trading pair, as binance does not have access to the US banking system, much less so to the or a federal reserve account.</p>

<p>How they are able to represent the euro in the first place within their exchange/framework, i don't know. That would mean they would have an account at a EU bank and subsequently at a NCB within the eurozone, which i highly doubt given they operate with and within "anonymous" accounts. (I highly doubt this would be allowed by the ECB and subsequently their commercial bank), If anyone could shed some more light on this and how this would actually work (I fear I might be wrong here.), I'd be extremely interested.</p>

<p>Before thinking you can use USDT as a safe haven, you should note that more often than not, these "stablecoins" are not backed 1:1, or at least not proven to be, and that while they might be stable as of right now, that that is not a guarantee for the future.</p>

<p>USDT in particular lacks audits. A quick google search on the topic will give you a wide range of articles why they're so controversial.</p>

<p>Anyway, to answer your question, yes, USDT is probably the closest to representing the value of an actual dollar, but, as i said, it is NOT an actual dollar, and you should be really careful using them, or preferably; not use them at all.</p>

CC BY-SA 4.0
2020-04-23T15:29:37.527Z
So other exchanges (e.g. Bitfinex) have had BTC-USD for ages. Why is binance so different? I just need the value of BTC in US Dollar for a presentation. I am not involved in trading cryptocurrencies so would not hold USDT. Do you think using data for BTC-USDT (and in fact *-USDT) would be a good approximation to the exchange rate against the US dollar?
s5s
CC BY-SA 4.0
2020-04-23T15:38:54.193Z
`Do you think using data for BTC-USDT (and in fact *-USDT) would be a good approximation to the exchange rate against the US dollar?`                                                                         For the aforementioned purpose, i wouldn't see why not, - unless you really care about small discrepancies, in which you'd probably take a weighed average from several BTC/USD exchanges such as Bitstamp/Coinbase/Kraken.
Jan Janssen
CC BY-SA 4.0
2020-04-25T13:57:29.890Z
You might find this interesting https://bitcoin.stackexchange.com/questions/95483/the-purpose-of-usdt-and-other-stable-coins
s5s
CC BY-SA 4.0
2020-11-01T17:37:39.617Z
`which i highly doubt given they operate with and within "anonymous" accounts` not all of the Binance accounts are anonymous and also Binance is registered in Malta, so I don't see any reason why they can't have a business or company account in Maltese banks (= Euro banks)
Suncatcher
CC BY-SA 4.0
2020-04-23T15:20:07.787Z
2020-04-23T15:20:07.787Z
Jan Janssen
<p>binance seems to have BTC-EUR but no BTC-USD. I can see BTC-USDT. Is this the closest one to trading BTC-US dollar?</p>

<binance>
Why does Binance use USDT instead of USD?
s5s
# Why does Binance use USDT instead of USD?

(Asked by: username_0 on 2020-04-23)

binance seems to have BTC-EUR but no BTC-USD. I can see BTC-USDT. Is this the closest one to trading BTC-US dollar?

**Tags:** binance


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## 1 answers

### Answer by username_1 on 2020-04-23. Score: 1

It makes sense to me that they don't offer a USD trading pair, as binance does not have access to the US banking system, much less so to the or a federal reserve account.

How they are able to represent the euro in the first place within their exchange/framework, i don't know. That would mean they would have an account at a EU bank and subsequently at a NCB within the eurozone, which i highly doubt given they operate with and within "anonymous" accounts. (I highly doubt this would be allowed by the ECB and subsequently their commercial bank), If anyone could shed some more light on this and how this would actually work (I fear I might be wrong here.), I'd be extremely interested.

Before thinking you can use USDT as a safe haven, you should note that more often than not, these "stablecoins" are not backed 1:1, or at least not proven to be, and that while they might be stable as of right now, that that is not a guarantee for the future.

USDT in particular lacks audits. A quick google search on the topic will give you a wide range of articles why they're so controversial.

Anyway, to answer your question, yes, USDT is probably the closest to representing the value of an actual dollar, but, as i said, it is NOT an actual dollar, and you should be really careful using them, or preferably; not use them at all.

> **Comments:**
> **username_0**: So other exchanges (e.g. Bitfinex) have had BTC-USD for ages. Why is binance so different? I just need the value of BTC in US Dollar for a presentation. I am not involved in trading cryptocurrencies so would not hold USDT. Do you think using data for BTC-USDT (and in fact *-USDT) would be a good approximation to the exchange rate against the US dollar?  
> **username_1**: `Do you think using data for BTC-USDT (and in fact *-USDT) would be a good approximation to the exchange rate against the US dollar?`                                                                         For the aforementioned purpose, i wouldn't see why not, - unless you really care about small discrepancies, in which you'd probably take a weighed average from several BTC/USD exchanges such as Bitstamp/Coinbase/Kraken.  
> **username_0**: You might find this interesting https://bitcoin.stackexchange.com/questions/95483/the-purpose-of-usdt-and-other-stable-coins  
> **username_2**: `which i highly doubt given they operate with and within "anonymous" accounts` not all of the Binance accounts are anonymous and also Binance is registered in Malta, so I don't see any reason why they can't have a business or company account in Maltese banks (= Euro banks)  

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