Meet "BUSD": Crypto Exchange Binance Rolls Out Its Own USD-Backed Stablecoin

Libra Coin News
Thu, 09/05/2019 - 14:28
Alex Dovbnya
The stablecoin market is getting more saturated with each passing day
Cover image via freepik.com

Binance, the leading crypto exchange by trading volumes, has launched a dollar-backed stablecoin called “BUSD” in partnership with Paxos. The move comes as it plans to launch a US-based division.

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According to the exchange’s blog post, it has already obtained approval from the New York State Department of Financial Services (NYDFS).

“Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin,”
said CZ (Changpeng Zhao), Binance CEO.

Paxos also announced its gold-backed stablecoin called Pax Gold (PAXG). 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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