Official twitter account of Binance recently shared a tweet announcing its partnership with Paxos Global to launch its own USD-pegged stablecoin. Initially, it will be paired with Ripple’s XRP, Bitcoin, and Binance own token BNB, and Paxos Global will serve as the USD custodian and issuer of BUSD.
This new token has received approval from the New York State Department of Financial Services (NYDFS). A tweet announcing this partnership reads:
“Binance Partners with Paxos Global to Launch USD-Backed Stablecoin BUSD. BUSD will be available on Paxos for direct purchase and redemption 1:1 for $USD and available on Binance for trading initially against BTC, BNB, and XRP.”
The tweet also links readers to a blog post by Binance which states:
“The regulated financial institution that digitizes and mobilizes assets, Paxos Trust Company, and global cryptocurrency exchange and blockchain ecosystem, Binance, today announced its partnership to launch a USD-denominated stablecoin, Binance USD (BUSD), which has received approval from the New York State Department of Financial Services (NYDFS).”
Additional details for this partnership will be made public on Invest Asia 2019, to be held in Singapore on September 11- 12, 2019, where top officials from Binance and Paxos Global will discuss it live on September 12, 2019, at 4:20 pm local time.
Changpeng Zhao, co-founder, and CEO of Binance, about this partnership, commented:
“Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin. We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets. ”
Richmond Teo, the co-founder of Paxos and CEO of Asia at ItBit, said:
“NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets. We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners.”
Paxos founded in 2012 by Charles Cascarilla and Richmond Teo is a regulated financial institute with offices in three global financial capitals: New York, London, and Singapore with a mission to move any asset anywhere, instantly.
Paxos is operating within established regulatory frameworks while creating innovative new products which include Paxos Standard (PAX), itBit, Paxos Gold (PAXG), Custody, and Post-Trade.