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Cryptocurrency exchange Binance has entered into a partnership with digital asset trust firm Paxos to roll out a USD-backed stablecoin, which has received approval from the New York State Department of Financial Services (NYDFS).
Rich Teo, Paxos Co-Founder and CEO Asia, described the recent approval of the stablecoin Binance USD (BUSD) as a critical 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 Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners,” he said in a press release.
BUSD will be available for direct purchase and redemption 1:1 for U.S. dollars on the Paxos platform later this month. It will also be opened for trading against Bitcoin (BTC), Binance Coin (BNB), and Ripple’s XRP on Binance.com.
Under the partnership, Paxos will serve both as the USD custodian and BUSD issuer.
Binance CEO Changpeng “CZ” Zhao plans to unveil 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.”
The announcement follows the listing of Binance GBP Stablecoin (BGBP) on Binance in July this year.
Earlier this week, Binance has unveiled two futures testnet platforms, named Futures A and Futures B, to develop a virtual environment for Binance users to conduct simulated trading competition using dummy assets. After exploring each platform, the users will be asked to choose which one is their favorite futures testnet. The platform with the highest vote will become the company’s official futures platform.
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