Cryptocurrency exchange Binance launches in the United States is tied to the dollar stablon called Binance USD (BUSD).
Run BUSD has received approval from the Department of financial services new York. On Thursday the stock exchange announced that the Department approved the proposal, which Binance launches in partnership with cryptocurrency company Paxos.
According to a press release, stablein Binance will be provided in US dollars at a ratio of 1:1. All verified clients of Paxos will be able to buy directly through BUSD wallet company using US dollars or Paxos Standard (own dollar stablein of the company). Users Binance can exchange BUSD bitcoin or XRP BNB.
In a press release the Director General of the Binance Chanpen Zhao said that the exchange plans to launch more financial services with BUSD, “which has a larger number of use cases”.
Binance USD is only one tablconv, whose reserves are in Paxos. This cryptocurrency is the first received permission for the creation of the trust from the Department of financial services new York in 2015 (as itBit Trust Company) and now holds dollar reserves of its stablein Paxos Standard and stablein HUSD from Huobi. Now Paxos will act as custodian and Issuer for BUSD, and will also carry out regular audits of dollar reserves.
Paxos co-founder rich teo said that the launch of BUSD is “a very important step towards the creation of long-term stability in the global cryptocurrency market.”
Earlier exchange has announced plans to launch stablon under project Venus (which in fact copies are still not running stablon Libra from Facebook). Binance has already issued tokens pegged to bitcoin (BTCB) and the British pound (BGBP).