Binance to Launch its own Stablecoin
Malta — The cryptocurrency exchange Binance has plans to launch its own stablecoin, the BUSD. The token will initially launch on the Ethereum blockchain, but will migrate over to the Binance Chain “in the future.” Binance CEO CZ, stated that the launch would be supported by Paxos, which will act as the custodian for the dollar-backed cryptocurrency. Paxos also recently announced a gold-backed cryptocurrency, PAXG. No launch date has been announced, but Binance has received approval from the New York State Department of Financial Services, which means BUSD will be available to New York State residents, a difficult achievement.
Stablecoins continue to enter the crypto market. Some view them as superfluous while others identify them as relatively easy ways to increase volume.