Binance launches dollar-backed stablecoin and gets NYDFS approval
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Answer Binance launches dollar-backed stablecoin and gets NYDFS approval
Binance, one of the largest exchanges in the cryptocurrency market, has announced a stable digital currency backed by dollars in the United States of America.
In addition, Binance has received approval from the New York Department of Financial Services (NYDFS), whereby I said Binance did so yesterday Thursday.
The offer and the new coin were launched by Binance in partnership with Paxos Trust, which already owns a stable cryptocurrency in the crypto market.
Accordingly, the new stable cryptocurrency from Binance will be backed by the US dollar at a ratio of 1:1 according to the announcement statement.
The new stablecoin from Binance will join Paxos and Gemini as NYDFS approved.
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The Binance platform had previously announced its intention to issue stablecoins around the world as part of the “Venus” project.
It appears that Binance is already going to do so by issuing stablecoins linked to Bitcoin and fiat currencies like BGBP linked to the British pound.
Binance CEO Changpeng Zhao stated:
“We hope to launch more financial services to further expand the ecosystem and the issuance of BUSD will help a lot in that including increasing the use cases of cryptocurrency and extracting interest from it.”
And Binance’s new stablecoin is not the only one that works in partnership with Paxos, as the latter has been in the market since 2015 and has become a reference for new digital stablecoins, with Huobi’s HUSD coin also based on it.
Paxos will act as the custodian and issuer of both BUSD from Binance and will regularly review dollar holdings.
Paxos co-founder Rich Teo commented in a statement that BUSD:
“A vital step towards long-term stability in global crypto markets”.
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