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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.”
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