Cryptocurrency exchange Binance has partnered with Paxos Trust Company to launch a USD-denominated stablecoin, Binance USD (BUSD), which has received approval from the New York State Department of Financial Services (NYDFS).
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“NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets,” said Rich Teo, Paxos Co-Founder and CEO Asia.
“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 month, BUSD will be available on the Paxos platform for direct purchase and redemption 1:1 for U.S. dollars and available on Binance.com for trading initially against BTC, BNB and XRP.
Paxos will serve as the USD custodian and issuer of BUSD.
“Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin,” said CZ (Changpeng Zhao), Binance CEO.
“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.”
Additional details regarding this partnership will be revealed on-stage at Invest: Asia 2019 where Paxos’ Rich Teo and Binance’s CFO Wei Zhou will discuss it live on September 12, 2019, at 4:20 pm local time.