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Binance announced the listing of its USD-backed stablecoin BUSD. According to the announcement by Binance CFO Wei Zhou and Richmond Teo, Co-Founder and CEO Asia of Paxos Trust Company, BUSD will become available to public next week.
The guys at Binance have decided to make things work this time. Their partnership with Paxos Trust is finally going to pay off due to the launch of the token BUSD which is now expected to be listed on the Binance platform next week, as the official press release reads.
This was announced today by the Chief Financial Officer of Binance Wei Zhou and the Co-founder and CEO Asia of Paxos Trust Company Richard Teo at the Invest Asia event in Singapore. Wei Zhou excited at the news said:
“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.
We are happy to work with Paxos, a reputable leader on digital trust services, and hope to launch more compliant stablecoins backed by fiat reserves in the future, introducing more stability to the cryptocurrency world.”
Richard Teos made his contributions:
“We’re excited BUSD is now live on Paxos. This is a meaningful 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.”
The BUSD as it is called has already scaled through the regulatory hurdles for issuance at the New York Department of Financial Services (NYDFS). This, of course, is a plus for Binance and will add a balancing factor to non-stablecoins.
Binance already boasts some experience in the issuance of stablecoins albeit the last one they issued wasn’t backed by the US dollar. Binance GBP (BGBP) was issued and then listed by the Jersey arm of the cryptocurrency in July this year. This makes listing the BUSD on the Binance platform which is one of the largest and certainly extremely innovative to be exciting and it provides pairs which are relatively stable and not prone to the volatile nuances of the other cryptocurrency tokens.
Paxos Trust being the first trust company that deals specifically with blockchain technology assets and Binance which is certainly one of the most innovative cryptocurrencies could build a synergy that allows for the exchange of assets digitally within the secure framework that cryptocurrencies provide.
It certainly is going to be exciting to watch as these two work together to transform the crypto-space.