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Briefing
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- New Stablecoin – Binance and Paxos Trust Company announced launch of U.S. dollar-backed stablecoin Binance USD (BUSD) in September 2019, available through both company's websites
- U.S. Dollar Value – Token retains 1:1 value with U.S. dollar when purchasing or redeeming and trading for other cryptoassets Bitcoin (BTC), Binance Coin (BNB) and XRP
- Regulatory Approval – Third stablecoin to gain approval from New York Department of Financial Services (NYDFS) in addition to Paxos Standard (PXS) and Gemini Dollar (GUSD)
- Paxos as Custodian – BUSD developed on Paxos’ stablecoin-as-a-service platform where Paxos acts as custodian, issuer and auditor
- Existing Stablecoins – Binance issued other stablecoins pegged to Bitcoin (BTCB) and British pound (BGBP)
- Venus Project – Announced project to co-develop stablecoins backed by different currencies from countries around world in collaboration with local governments, companies and organizations in August 2019
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Accelerator
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Market Disruption
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Sector
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Financial Services, Information Technology
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Organization
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Binance, Paxos Trust Company LLC
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Source
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Original Publication Date
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September 5, 2019
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