BNB is used to pay for trading fees on Binance, offering users a discount if they use BNB for transaction costs. It also powers decentralized applications (dApps) on the Binance Smart Chain (BSC).

The price of BNB has historically been volatile, reflecting the overall market sentiment for cryptocurrencies and the performance of Binance as an exchange. It has been one of the top cryptocurrencies by market capitalization.