Binance is launching a partnership with Paxos to launch the USD-based stablecoin BinanceUSD. According to information received by our editorial team, Paxos Trust Company and global cryptocurrency exchange Binance, have just announced a partnership to launch a USD-based stablecoin currency - BinanceUSD (BUSD ). The project has been approved by the New York State Department of Financial Services (NYDFS). New stablecoin Rich Teo, co-founder and CEO of Paxos Asia, said: "The NYDFS approval of BUSD is an important step towards [achieving] long-term stability in the global crypto markets. We are proud that our stablecoin enables trusted companies like Binance to bring [to market] products tailored to [the needs of] their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all our partners." Later this month, BUSD will be available on the Paxos platform, where it can be purchased at a 1: 1 ratio for US dollars. Of course, stablecoin will also be on Binance.com and will be paired there with BTC, BNB and XRP. Paxos will serve as a USD depositary and BUSD issuer within the project. "Paxos is a leader in digital assets and we are excited to partner with them to develop our native stablecoin coin," said CZ (Chagpeng Zhao), CEO of Binance. "We hope to launch more financial services for the blockchain ecosystem with the issuance of BUSD," - he added. Binance Binance also recently launched a cryptocurrency deposit system. Users can already deposit tokens such as Tether (USDT), Ethereum Classic (ETC) and BinanceCoin (BNB). This is expected to help them earn interest, which will accrue in 14-day periods and is expected to be as high as 15% for BNB, 10% for USDT and 14% for ETC on an annual basis. However, Binance has also set an upper limit for loan deposits accepted: 200 thousand BNB, 5 million USDT and 20 thousand ETC. The exchange is the undisputed market leader in digital currencies today. It recently introduced a 3:1 leverage on its platform dedicated to both long and short positions. Tags Binance binance stablecoin stablecoin
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