BUSD stablecoin, the highly anticipated stablecoin by Binance, will be trading ready on September 16. Paxos Trust Company has partnered with Binance to create this dollar-backed cryptocurrency.
Co-founder of Paxos, Rich Teo told spectators at the CoinDesk’s Invest: Asia Conference on Thursday that the initial Binance U.S. dollars batch has been mined and traders will deal live in these pairs in the coming week. It will become a popular trading pair with Bitcoin and BNB.
Paxos Trust Company is currently issuing stablecoins with gold and dollar backing. New York Department of Financial Services (NYDFS) has already given them additional regulatory approvals before issuing BSD.
BUSD stablecoin going live next week
The brand new cryptocurrency will go live in the coming week. BUSD stablecoin will take advantage of the platform’s huge trading community, a wide variety of currencies and high liquidity. Binance offers plenty of stablecoins including PAX, USDC, and USDT to create interesting pairs.
A coin launched under the legal approval of the New York State Department of Financial Services (NYDFS) adds a further layer of credibility. Such accreditation makes it crucial to lend it an air of authenticity that Binance will certainly cash in on. It will also help them deliver on-chain financial services globally to its users.
More Binance stablecoin in the pipeline
However, it is worth mentioning that BUSD stablecoin isn’t Binance’s first stablecoin. Earlier this year, GBP backed stablecoin called BGBP was launched by the Binance’s Jersey division.
Wei Zhou, Binance CFO, is very positive about the latest developments considering its potential to increase the exchange’s prominence amongst competitors. Seeing the developments in the altcoin universe, Zhou is excited about the multiple types of upcoming coins in various types and forms. They hope to launch new stablecoins that have the firm backing of fiat reserves to bring in more stability in the cryptocurrency realm.