Binance is Launching a Dollar-Backed Stablecoin

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September 6, 2019 – Cryptocurrency Exchange Binance is going to launch a dollar-backed stablecoin in the US with approval from the New York Department of Financial Services (NYDFS).

Binance USD (BUSD) is launched in partnership with Paxos Trust Company, a regulated financial institution that digitizes assets. This new Binance stablecoin is pegged 1:1 to the US Dollar (USD)

In a statement, Paxos Co-founder Rich Teo commented that the approval from the New York regulator “is a vital step towards long term stability in global crypto markets.” Paxos is the custodian of the dollar reserves of its own Paxos Standard Stablcoin as well as Huobi‘s HUSD Token. Mr. Teo further said:

“We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners.”

Later this September, BUSD will be available in Paxos’ platform for direct purchase. On Binance, it can be traded for BTC, BNB, and XRP.

In another statement, Binance CEO Changpeng “CZ” Zhao said his company is excited to work with Paxos in developing their native stable coin. “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.”

With this Binance USD is only one of the few stablecoins approved by NYDFS, the other two are Paxos Standard and Gemini Dollar.

Sources: Coindesk, Binance

This article is first published on BitPinas: Binance is Launching a Dollar-Backed Stablecoin

Photo by Vladimir Solomyani on Unsplash

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