The new offering will be launched by Binance in partnership with the Paxos Trust Company. The Binance USD (BUSD) will be backed by US dollars on a 1:1 ratio, according to CoinDesk. At launch, verified Paxos customers will be able to directly purchase BUSD tokens through the company’s wallet using either US dollars or PAX, its own stablecoin. Binance users will likewise be able to trade BUSD for Bitcoin, Binance coin or XRP.
Paxos will act as both the custodian and the issuer for BUSD, and will regularly audit the dollar holdings. The offering joins the Paxos Standard and the Gemini Dollar as an NYDFS-approved stablecoin.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.