Binance’s USD-Pegged Stablecoin In Partnership With Paxos, BUSD, To Start Trading Next Week
Crypto exchange giant, Binance, has today announced that its Dollar backed stablecoin will be available on its platform for trading next week on Sep 16 and several BUSD trading pairs will added the same day.
The new date to roll out the new coin as well as its listing was announced by Wei Zhou, Binance CFO as well as Co-Founder and CEO Asia of Paxos Trust Company, Richmond Teo.
Teo said that the coin will offer more stablecoin trading options for Binance clients. Teo continued that the Binance US dollar will be available for trading on Sep 16 against some trading pairs like BTC, XRP and BNB.
According to CoinDesk Paxos Trust Company already has its own dollar pegged and gold pegged stablecoins and at the start of this month, it was awarded extra licensing by the New York State Department of Financial Services (NYDFS) to offer BUSD.
According to Zhou, introducing a stablecoin that is licensed by the New York State Department of Financial Services (NYDFS) is within the exchange’s strategic plan to offer on-chain financial services to its clients from all corners of the world.
While BUSD is licensed by NYDFS, which is a regulator that is famous for stringent crypto regulations, Binance US will not be launched in New York since it has no BitLicence.
Binance has other stablecoins on its crypto exchange platform. In late July, the Jersey wing of Binance created and enabled the trading of a British pound pegged stablecoin known as Binance GBP dubbed BGBP.
Zhou said that Binance is hopeful of creating more compliant stablecoins that are pegged on different fiat reserves in the near future. Zhou believes that many stablecoins in the crypto industry will help in enhancing stability in the crypto space.
The new stablecoin shows that Binance is willing to cooperate with US regulators even as it plans to expand in the US. Binance has already indicated that it plans to be the crypto exchange offering the most crypto tokens in the US.