Binance’s new dollar-backed stablecoin, BUSD, created in partnership with the Paxos Trust Company, will be made available for trading on the cryptocurrency exchange as of Sept. 16.
Announced on Thursday at CoinDesk’s Invest: Asia conference, Paxos co-founder Rich Teo said:
“We minted out first batch of Binance U.S. dollars. It will be made available for trading starting next week [against] a few trading pairs such as BTC and BNB.”
Earlier this month, the Paxos Trust Company, which already issues its own dollar-backed and gold-backed stablecoins, obtained additional regulatory approval from the New York Department of Financial Services (NYDFS) to issue BUSD.
Now, Binance will list the asset on its exchange, which is the largest globally by trading volume, alongside a slew of other stablecoins already listed on the platform such as USDT, USDC, and PAX.
“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,” said Wei Zhou, chief financial officer at Binance.
This is not the first stablecoin to be created by Binance and listed on the cryptocurrency exchange. In July, the Jersey arm of Binance enabled trading for its own British pound-backed stablecoin called Binance GBP (BGBP).
Seeing a multi-coin future where many different “types and forms” of stablecoins are traded actively on the exchange, Zhou added:
“[We] hope to launch more compliant stablecoins backed by fiat reserves in the future, introducing more stability to the cryptocurrency world.”
Wei Zhou at Invest: Asia 2019 image via Christine Kim for CoinDesk