Binance, the biggest cryptocurrency exchange in the world, is launching its own dollar-backed stablecoin, together with Paxos.
The company has received regulatory approval from The New York State Department of Financial Services (NYDFS), so it can be sold to people living in New York.
The approval is significant, as New York is one of the strictest regulatory environments.
The cryptocurrency is called Binance USD (BUSD), and it’s being built together with the stablecoin issuer Paxos.
Paxos was one of the first companies that started this new wave of stablecoin creation.
For years, Tether was the only one that had a popular stablecoin, but since that, it became more and more common for businesses to issue their own currency.
Binance USD is going to be an ERC-20 Token, stored on the Ethereum blockchain; however, there are plans to move it to the Binance chain in the future.
For now, BUSD only has one trading pair, which is the BUSD/USDT (Tether) one. We can expect more dedicated pairs in the future.
Their stablecoin was only one of the few things that Binance has launched this year.
There are many additions to the Binance family in 2019, including, but not limited to:
- Binance Futures
- Binance DEX (Decentralized Exchange)
- Binance US
- Binance Jersey