Binance exchange launches BUSD dollar Stablecoin and transfers JEX token to Binance Chain

The Binance dollar stablecoin under the ticker symbol BUSD (Binance USD) will be circulated on the Ethereum blockchain, but its migration to the Binance Chain is planned in the future.

Paxos, the stablecoin operator Paxos Standard Token (PAX), is participating in the development of BUSD. According to the agreement, she will be engaged in the issue of stablecoin from Binance and the storage of fiat reserves, which will be used to provide it.

“Paxos is a leader in its field, so we are happy to work with them,” Changpeng Zhao, CZ, Binance CEO commented on the news.

Paxos also helped develop the HUSD stablecoin, which was created by a startup supported by another cryptocurrency exchange, Huobi. The tool was introduced in July this year.

BUSD can be bought and sold directly on the Paxos platform. Trading pairs with a new instrument on Binance.com will appear this month, there is no more specific date yet. It is known that at first it will be BUSD / BTC, BUSD / BNB and BUSD / XRP.

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According to representatives of Binance and Paxos, they have already received permission from the New York State Department of Financial Services to service BUSD. Therefore, we can assume that New Yorkers will also have access to the instrument.

“We want to provide as many financial instruments as possible for users of the cryptocurrency ecosystem. Thanks to the release of BUSD, they now have a greater selection of stablecoins, ”added CZ.

Recall that earlier Binance introduced the stablecoin BGBP, secured by the British pound. The exchange also plans
Launch Venus stablecoin platform as an alternative to Facebook’s Libra cryptocurrency.

In addition, information appeared on the Binance website yesterday.
about the company’s plans to distribute tokens of the JEX trading platform, which it recently became the owner of.

Currently, JEX tokens are being transferred from the Ethereum blockchain to its own Binance blockchain. After all the necessary swap procedures are completed, a token listing will take place on the decentralized Binance DEX exchange.

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Among other advantages, users of the Binance JEX platform will be able to use JEX tokens to receive discounts on commissions and access to early testing of futures along with BNB tokens.

Binance plans to give out 200 million JEX ($ 10 million at the current exchange rate) among BNB holders. Everyone who wants to participate in the distribution of tokens must keep at least 10 BNB on their balance sheet for a month (from September 6 to October 6). The announcement led to a rise in price of BNB by 7% by the time of publication.

Starting October 6, Binance JEX will monthly distribute JEX tokens to BNB holders in the amount of 30% of the profits of the futures platform. The selection of participants in the monthly distribution will be carried out according to the same scheme.