06/09/19 04:30 UTC-4

Binance launches its own stable coin tied to the US dollar

ExchangesThe launch of the BUSD stable coin
The launch of the BUSD stable coin

Binance, the world's largest cryptocurrency exchange by tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
volume, together with a financial institution that digitizes and mobilizes assets, the Paxos Trust Company, announced the launch of the "BUSD" stable coin.

 

Binance stable coin 

According to a blog post on Thursday, the stable coin, dubbed Binance USD (BUSD), will be tied to the US dollar 1: 1.

BUSD stablecoin received approval from the New York Department of Financial Services (NYDFS), which had previously been very strict with cryptocurrency companies.

At the time of launch, verified Paxos customers will be able to purchase BUSD tokens through the company's wallet, using both US dollars and their own PAX with a stable coin.

After that, BUSD will, of course, also be included in the Binance list, where it can be exchanged for Bitcoin (BTC), Binance Coin (BNB) and Ripple (XRP).

Interesting in the section: Description of the Binance exchange platform, the algorithm for creating an account

"Paxos is a leader in digital trusts, and we are pleased to work with them to develop our own stable coin," said Binance CEO Changpeng Zhao.

A Binance spokesman said that BUSD will be built on the Ethereum blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
, but notes that in the future it could "move to the Binance Chain."

Stablecoin will be available for direct purchase and redemption on the Paxos platform, as well as for trading on Binance.com later this month. Firms did not provide a specific date.

 

Editor: Yuliya Soroka

See also: "A survey on the Coincheck exchange, participants will exchange points for cryptocurrencies"

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