BUSD By Binance Launched: Meet The New USD-Backed Stablecoin

BUSD by Binance, the new USD-pegged stablecoin was officially launched after the new partnership between the largest crypto exchange and Paxos which is now a regulated financial institution that helps to digitize the assets. In today’s coming altcoin news we take a closer look at the partnership and the new stabelcoin.

Both companies will launch a USD-pegged stablecoin and the BUSD by Binance has already received the approval of the New York State Department of Financial Services so this means it will also be available for trading later this month. The announcement comes only days before the expected launch of Binance US which is a subsidiary focused on serving the US traders. According to a press release, Paxos claims that it is in a good position to mobilize and custody the assets digitally as the first regulated trust company with blockchain expertise. The company will also serve as the USD issuer and custodian of Binance USD. Binance will also be available to be purchased on the Paxos platform later this month and once it is integrated on Binance, the users will be able to trade against BTC, XRP, and BNB. The CEO of Binance CZ noted:

‘’Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin.’’

The Paxos co-founder and CEO Rich Teo pointed out:

‘’NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets. We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users.’’

The news comes as an earlier announcement that Binance will launch a subsidiary called Binance US meant for the traders in the United States. In the second half of 2019, the exchange should expect some more developments since in July Binance opened the doors for margin trading services allowing users to place the leveraged orders. The largest cryptocurrency also revealed the plans to create Venus which is a ‘’regional version’’ of Facebook’s Libra in order to establish financial hegemony. As per the reports in the best cryptocurrency news sites, Binance launched a platform that allows the traders to lend their BNB, ETC, and USDT and to also receive a certain annualized interest rate.