The regulated financial institution that digitizes and mobilizes assets, Paxos Trust Company, and global cryptocurrency exchange 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).
Rich Teo, Paxos Co-Founder and CEO Asia, commented, “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.”
Later this month, BUSD will be available on the Paxos platform for direct purchase and redemption 1:1 for U.S. dollars and available on Binance.com for trading initially against BTC, BNB and XRP. Paxos will serve as the USD custodian and issuer of BUSD.
“Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin,” said CZ, Binance CEO. “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.”
A good day for Paxos!
Paxos also launched today PAX Gold after getting the approval of The New York State Department of Financial Services (NYDFS). PAX Gold (Ethereum ticker: PAXG), is an asset-backed digital token, each representing one fine troy ounce of London Good Delivery gold stored in professional vault facilities in London. PAX Gold customers own the underlying physical gold, while also benefiting from the speed and mobility of a digital asset. Because PAX Gold represents physical gold, its value is tied directly to the real-time market value of gold. PAX Gold is built as an Ethereum token, following the ERC-20 protocol, so that it is easy to integrate with exchanges, wallets, lending platforms and other crypto products. Rather than the usual storage fees that come with gold bars, Paxos charges negligible fees for on-chain transactions and at the point of token creation or destruction on Paxos.com