Cryptocurrency exchange Binance in collaboration with Paxos has launched the dollar-backed stablecoin based on the Ethereum Pax Gold blockchain (PAXG).
According to the official announcement, the new stablecoin called Binance USD (BUSD) has received approval from the New York Financial Services Authority (NYDFS).
Rich Teo, Paxos Co-Founder and CEO Asia, says NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets.
"We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners," he added.
The new stablecoin will be available later this month.
The BUSD asset will also be available on the Paxos platform for direct purchase and redemption 1:1 for U.S. dollars and on Binance.com.
Previously Binance announced the acquisition of JEX, a little-known crypto derivatives platform.
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