Binance Launch New USD-Backed Stablecoin, BUSD

Binance Launch New USD-Backed Stablecoin, BUSD

The Paxos Trust Company and Binance have teamed up to launch a new stablecoin backed by USD.

The new stablecoin has now been officially signed off on and approved by the New York State Department of Financial Services (NYDFS), which means that the coin is officially ready for release on the market.

“NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets,” said Rich Teo, the Paxos Co-Founder and CEO for Asia. “We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users” he continued. 

The coin will be available for direct purchase and redemption 1:1 with USD later this month on the Paxos Trust Company website. Following on from this, it will be going live on Binance where trading against BTC, BNB and XRP will be offered

“We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.” Explained Binance CEO, CZ Zhao.

This doesn’t seem to be a one-off partnership between the two firms though. As the blog post announcing the news also stated that further details of the partnership will be revealed next week at Invest: Asia 2019. At this event, Teo will appear on stage with Binance’s CFO Wei Zhou.

The issuance of a USD backed stablecoin is of interest as we edge closer to the date by which Binance will no longer be offering service to traders hailing from the US.

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