Binance, the global cryptocurrency exchange and blockchain ecosystem, today announced the launch date of BUSD, a fully compliant USD-denominated stablecoin, as the week of September 16, 2019; and will add BUSD trading pairs on the same day. The launch date and new listing was jointly announced by Binance CFO Wei Zhou and Richmond Teo, Co-Founder and CEO Asia of Paxos Trust Company at Invest: Asia in Singapore, providing more stablecoin trading options for Binance users.
Wei Zhou, Chief Financial Officer at Binance, said,
“Launching a stablecoin approved by the New York State Department of Financial Services (NYDFS) is a strategic step for Binance to provide on-chain financial services for users across the world. We are happy to work with Paxos, a reputable leader on digital trust services, and hope to launch more compliant stablecoins backed by fiat reserves in the future, introducing more stability to the cryptocurrency world.”
Rich Teo, Paxos Co-Founder and CEO Asia, added,
“We’re excited BUSD is now live on Paxos. This is a meaningful product that can bring stability and transparency to cryptocurrency markets globally. Paxos’ stablecoin as a service offering allows innovators like Binance to take a trusted, regulated approach to building stablecoins for their users.”
BUSD will be officially issued on Paxos’ platform for direct purchase and redemption 1:1 for US Dollars starting today, September 12, 2019; meanwhile, it will be listed at Binance.com, available for trading against BTC, BNB and XRP. BUSD is the second stablecoin developed by Binance after BGBP, a GBP-pegged stablecoin issued on Binance Chain.
Paxos Trust Company is on a mission to modernize finance by mobilizing assets at the speed of the internet. Paxos is building a future where all assets—from money to commodities to securities—will be digitized and can move instantaneously, 24/7. Settlement risk will cease to exist, so trillions of dollars of trapped capital can go to work in a global, frictionless economy.
As the first regulated Trust company with blockchain expertise, Paxos is uniquely positioned to mobilize and custody assets digitally. Visit www.paxos.com for more information on Paxos and its institutional-grade products like the stablecoin Paxos Standard token (PAX), gold-backed PAX Gold (PAXG), Paxos Post-Trade for commodities, as well as the itBit crypto-asset exchange and related services including escrow, custody and OTC trading.
Binance is a blockchain ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. Binance Exchange is the leading global cryptocurrency exchange by trading volume, with users from over 180 countries and regions.
The Binance ecosystem is also comprised of Binance Labs (venture capital arm and incubator), Binance DEX (decentralized exchange feature developed on top of its native, community-driven blockchain software system, Binance Chain), Binance Launchpad (token sale platform), Binance Academy (educational portal), Binance Research (market analysis), Binance Charity Foundation (blockchain-powered donation platform and non-profit for aiding in sustainability) and Trust Wallet (its official multi-coin wallet and dApps browser).
For more information, visit: https://www.binance.com