What does Binance-peg mean?

Binance-Peg Ethereum is a representation of Ethereum on the Binance Chain (BEP2) and the Binance Smart Chain (BEP20) . This is because native ETH is on the ERC20 network, which is a different network from BEP2 and BEP20.

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Listed as XRP-BF2, the XRP variant is pegged one-to-one to XRP on Binance’s main exchange for instant swapping without slippage , the exchange said. Binance minteds 10 million XRP-BF2 for the DEX. XRP-BF2 is preceded by a June 2019 addition of a pegged variant of bitcoin, BTCB.

Binance creates BUSD (BEP-20) by holding BUSD in an Ethereum blockchain address and minting peg BUSD tokens, each of which corresponds to a BUSD token held in reserve by Binance . BUSD (ERC-20) and BUSD (BEP-20) holders can swap their tokens between the blockchains depending on their needs.