• Thu, 17 Oct 2019, 10:45 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Binance's NYDFS-approved stablecoin BUSD is now live on Paxos, to be listed on Binance next week

Fri, 13 Sep 2019, 03:48 am UTC

Binance announced that it will launch its New York State Department of Financial Services (NYDFS)-approved stablecoin Binance USD (BUSD). The dollar-pegged stablecoin is now live on Paxos’ platform for U.S. dollar redemption and will be listed on Binance’s exchange on Sept. 16.

Launching a stablecoin approved by the New York State Department of Financial Services (NYDFS) is a strategic step for Binance to provide on-chain financial services for users across the world,” Wei Zhou, Binance CFO, said.

As per a press release, BUSD, which was revealed last week as part of Binance’s partnership with Paxos Trust Company, will be traded against Bitcoin (BTC), Binance Coin (BNB), and Ripple’s XRP starting next week. Paxos will serve both as BUSD issuer and USD custodian.

We’re excited BUSD is now live on Paxos. This is a meaning product that can bring stability and transparency to cryptocurrency markets globally. Paxos’ stablecoin as a service offering allows innovators like Binance to take a trusted, regulated approach to building stablecoins for their users,” Paxos co-founder Richard Teo said.

Earlier this month, a Binance representative told The Block that while the stablecoin will be built on the ethereum blockchain, it may be migrated to the Binance Chain in the future.

However, this is not Binance’s first released stablecoin. In July, the exchange added support for a GBP-backed stablecoin called BGBP.

The exchange also recently announced that Binance Futures will go live on Sept. 13, after it initially unveiled two futures testnet platforms and allowed users to pick their favorite of the two.

On the other hand, aside from the BUSD, Paxos also launched earlier this month PAX Gold (PAXG), a gold-backed ethereum token, which the company claims to be the “first crypto-asset redeemable for physical gold.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,112.95 (-0.65%)
  • Ethereum (ETH) $177.89 (-0.90%)
  • XRP (XRP) $0.297300 (+2.72%)
  • Bitcoin Cash (BCH) $219.44 (-1.62%)
  • Litecoin (LTC) $53.95 (-1.64%)
  • Bitcoin (BTC) $8,112.95 (-0.65%)
Oct 17, 2019 (Thursday)
Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows
Burj Khalifa owner Emaar taps JPMorgan’s Quorum blockchain for new rewards and loyalty platform
Towo Labs secures investment from Xpring to develop XRP hardware wallet firmware
Crypto Technicals: Bitcoin cash (BCH) finds strong support at 208.85, break below to strengthen bearish bias
US Fed actively looking and debating digital currency issuance: Dallas Fed President Robert Kaplan
Crypto Technicals: LTC/USD pauses at trendline support (52), further weakness on charts
EY launches blockchain solution to enhance public fund management
Crypto Technicals: ETH/USD set to extend weakness, eyes trendline support at 158
Crypto Technicals: BTC/USD finds major support at 55W EMA (7762), break below to plummet prices
Natixis, Raiffeisen Bank and others participate in global tokenised collateral trial on R3’s Corda
Oct 16, 2019 (Wednesday)
Bermuda starts accepting stablecoin ‘USDC’ for tax payments
Oxford English Dictionary officially adds ‘satoshi’
Crypto Technicals: XMR/USD holds above trendline support, 'Bullish Divergence' raises scope for upside
South Korea seeks to transform trade finance using blockchain technology by 2021
Crypto Technicals: XRP/USD finds stiff resistance at 21W-EMA (0.3008), break above to accentuate gains
Layer1 raises $50M from Peter Thiel and others to build bitcoin mining facility in Texas
Crypto Technicals: LTC/USD consolidates break below 20-DMA, on track to test trendline support at 52.25
Ford trials geofencing and blockchain technology to optimize energy efficiency of vehicles
India's YES Bank wants to lure more clients for its next planned blockchain model
Crypto Technicals: ETH/USD hovers around 20-DMA, break below will support further weakness
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.