Crypto exchange Binance announced today the launch of its NYDFS-backed stablecoin, BUSD. Binance’s dollar-pegged stable coin is live on Paxos’ platform for US dollar redemption today and will be listed on Binance’s exchange next week.
Starting next week, BUSD will be available on Binance’s own exchange for trading against Bitcoin, Binance Coin, and XRP. BUSD was announced last week as part of a partnership with Paxos. It’s Binance’s second stablecoin after BGBP, a stablecoin pegged to the British Pound.
“Launching a stablecoin approved by the New York State Department of Financial Services (NYDFS) is a strategic step for Binance to provide on-chain financial services for users across the world,” said Wei Zhou, Chief Financial Officer at Binance.
Though BUSD is approved by the NYDFS, a body infamous for tough regulation, Binance US won’t launch in New York because it doesn’t have a BitLicence.
But the new stablecoin does demonstrate Binance's willingness to cooperate with regulators ahead of its US expansion, Binance US. Registrations for the new exchange will start next week. Binance has already made it clear it hopes to become the exchange with the most crypto tokens on offer in the US.