Binance to Launch Dollar-Backed Stablecoin BUSD for Trading on Exchange
Binance to Launch New Dollar-Backed Stablecoin BUSD Next Week
In an exciting development for the cryptocurrency world, Binance has announced the upcoming launch of its new dollar-backed stablecoin, BUSD. Created in partnership with the Paxos Trust Company, BUSD will be available for trading on the popular cryptocurrency exchange starting the week of Sept. 16.
The news was revealed by Paxos co-founder Rich Teo at CoinDesk’s Invest: Asia conference on Thursday. Teo shared, “We minted our 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.”
This move comes after Paxos recently obtained additional regulatory approval from the New York Department of Financial Services (NYDFS) to issue BUSD. Binance, known for being the largest cryptocurrency exchange globally by trading volume, will now list BUSD alongside other stablecoins like USDT, USDC, and PAX.
Binance CFO Wei Zhou expressed the strategic importance of launching a stablecoin approved by the NYDFS, stating, “Launching a stablecoin approved by the New York State Department of Financial Services is a strategic step for Binance to provide on-chain financial services for users across the world.”
This is not the first stablecoin introduced by Binance, as the exchange previously enabled trading for its British pound-backed stablecoin, Binance GBP (BGBP), in July. Looking ahead, Zhou envisions a future where multiple compliant stablecoins backed by fiat reserves are actively traded on the platform, bringing more stability to the cryptocurrency world.
With the launch of BUSD, Binance continues to innovate and expand its offerings in the ever-evolving cryptocurrency market. Stay tuned for the official debut of BUSD on Binance next week, as the exchange continues to shape the future of digital finance.
