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.
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).