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Cryptocurrencies

Binance receives NYDFS approval to roll out dollar-backed stablecoin

Monday 9 September 2019 | 10:12 AM CET

Cryptocurrency exchange Binance has announced plans to launch a dollar-backed stablecoin in the US as it received approval from the New York Department of Financial Services (NYDFS).

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.

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