Trading in pairs with the new stablecoin BUSD, jointly released by Binance and Paxos, will begin on Binance as early as next week.
“We have released the first batch of Binance USD. Stablecoin will be available for trading next week in several trading pairs, including with BTC and BNB, ”said Rich Teo, co-founder of Paxos, at the CoinDesk Invest: Asia event held in Singapore.
The creation of a new stablecoin became known last week. Paxos Trust Company will not only deal with the release of BUSD, but also with the storage of assets. The stable cryptocurrency itself will be pegged to the US dollar and secured in a 1: 1 ratio. At first, the coin will be issued on the Ethereum blockchain, and later it will be transferred to its own Binance Chain network.
“The launch of the stablecoin approved by the New York State Department of Financial Services (NYDFS) is a strategic step in developing financial services for users around the world,” said Binance CFO Wei Zhou.
Several stable cryptocurrencies are already being traded on Binance: USDT, USDC, TUSD and PAX. The exchange also launched on its own blockchain a BGBP token tied to the British pound.