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Cryptocurrency News

Binance’s new USD-backed stablecoin now live

We are beginning to think that the employees at Binance are taking the Limitless pill, as they are literally releasing a new product or enhancement every two days!

Binance has surprised its clients once again with its latest announcement: its USD-pegged stablecoin is now available! The exchange tweeted the release yesterday:

Binance is aiming to expand its domination in the industry with the asset, as they are expecting many clients to take benefit of the anti-volatility shield that a stablecoin provides. This is not the first time the team brings an initiative of its kind, as two months ago they also made available a GBP-pegged stablecoin.

The abbreviation of the new asset is BUSD, and as you may imagine it is worth 1:1 ($1 USD). The main provider of the asset is Paxos, one of the major partners of the exchange. CZ has trusted Paxos for a long time, with the CEO publicly stating:

Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin.”

The coin, which is already being cherished by many, also has full approval from the New York State Department of Financial Services.

The only question that remains…long before Binance announce their next product or service?

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