Binance will add another stablecoin to the mix, this time its native dollar-backed asset, the Binance USD (BUSD). The new stablecoin was created with the full approval of the New York State Department of Financial Services (NYDFS). The asset will be issued in partnership with the Paxos Trust Company, the producer of PAX, one of the most widely used stablecoins.
“Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin,” said Changpeng “CZ” Zhao, CEO of Binance. “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.”