Binance Launches USD-Pegged BUSD Stablecoin
Binance cryptocurrency exchange is launching a new stablecoin, writes The Block. The Binance USD (BUSD) rate will be pegged to the US dollar, and the issue of the instrument will be carried out on the Ethereum blockchain, said a representative of the exchange..
Paxos is also involved in the development of BUSD, which previously released its own stablecoin Paxos Standard Token (PAX) to the market. It is she who will deal with the issue of BUSD and the storage of fiat reserves, which will be used to provide it..
“Paxos is a leader in the digital trust space and we are thrilled to develop our own stablecoin with them,” said Binance CEO Changpeng Zhao..
The Paxos platform will be used to buy and redeem BUSD. Trading with the exchange’s own stablecoin on Binance.com will begin this month. Initially, three cryptocurrencies will be available for exchange for BUSD: Bitcoin, Binance Coin and XRP.
Binance and Paxos claim they have already received approval from the NYS Department of Financial Services to serve BUSD. Thus, among others, New Yorkers will be able to access the tool..
Binance previously released the BGBP stablecoin, which is pegged to the British pound. In addition, the exchange intends to launch the Venus stablecoin, which is positioned as a regional alternative to the Libra cryptocurrency developed by Facebook..
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