By Sept. 16th , Binance’s new dollar-backed stablecoin, BUSD, which was created in partnership with the Paxos Trust Company, is set to be made available for trading on the cryptocurrency exchange the week.
Paxos co-founder Rich Teo said this during Coind desk invest: Asia Conference on Thursday;
“The first batch of Binance U.S. dollars has been minted out. It will be available for trading starting next week against a few trading pairs such as BTC and BNB.”
The Paxos Trust Company earlier this month, has obtained additional regulatory approval from the New York Department of Financial Services (NYDFS) to issue BUSD as it has already issued its own dollar-backed and gold-backed stablecoins before now.”
The asset which is the largest globally by trading volume will now be listed on Binance exchange alongside a slew of other stablecoins already listed on the platform such as USDT, USDC and PAX.
Binance CFO Wei Zhou said;
“Launching a stablecoin approved by the New York State Department of Financial Services (NYDFS) is interestingly a strategic step for Binance to provide on-chain financial services for users across the world,”
In July, the Jersey arm of Binance enabled trading for its own British pound-backed stablecoin called Binance GBP (BGBP) therefore, this is not actually the first stablecoin to be created by Binance and listed on the cryptocurrency exchange.
We are happy seeing a multi-coin future where many different “types and forms” of stablecoins are traded actively on the exchange, Zhou added:
“We hope and looking to launch more compliant stablecoins backed by fiat reserves in the future, introducing more stability to the cryptocurrency world in the long run.”
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Credits: Christine KimJOIN OUR COMMUNITY