Binance’s new dollar-backed stablecoin, BUSD, developed in collaboration with the Paxos Trust Company, will be made accessible for trading on the crypto exchange the week of September 16.
Revealed on Thursday at CoinDesk’s Invest: Asia conference, Paxos co-founder Rich Teo stated:
“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.”
The Paxos Trust Company, which now issues its own dollar-backed and gold-backed stablecoins, acquired extra administrative endorsement from the New York Department of Financial Services (NYDFS) to issue BUSD earlier this month.
At present, Binance will list the asset on its exchange, which is the biggest worldwide by trading volume, along with a number of different stablecoins officially listed on the platform like USDC, USDT, 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, CFO of Binance.
This isn’t the first stablecoin to be made by Binance and listed on the crypto exchange. In July, the Jersey arm of Binance empowered trading for its very own British pound-backed stablecoin dubbed Binance GBP (BGBP).
Witnessing a multi-coin future where various “types and forms” of stablecoins are traded actively on the exchange, Zhou further said:
“[We] hope to launch more compliant stablecoins backed by fiat reserves in the future, introducing more stability to the cryptocurrency world.”