Binance to List Its New Dollar-Backed BUSD Stablecoin Next Week

Binance's dollar-backed stablecoin, BUSD, created in partnership with the Paxos Trust Company, will soon be available for trading.

AccessTimeIconSep 12, 2019 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 11:26 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Binance's new dollar-backed stablecoin, BUSD, created in partnership with the Paxos Trust Company, will be made available for trading on the cryptocurrency exchange the week of Sept. 16.

Announced on Thursday at CoinDesk's Invest: Asia conference, Paxos co-founder Rich Teo said:

“We minted out first batch of Binance U.S. dollars. It will be made available for trading starting next week [against] a few trading pairs such as BTC and BNB.”

Earlier this month, the Paxos Trust Company, which already issues its own dollar-backed and gold-backed stablecoins, obtained additional regulatory approval from the New York Department of Financial Services (NYDFS) to issue BUSD.

Now Binance will list the asset on its exchange, which is the largest globally by trading volume, alongside a slew of other stablecoins already listed on the platform such as USDT, USDC and PAX.

“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 Binance CFO Wei Zhou.

This is not the first stablecoin to be created by Binance and listed on the cryptocurrency exchange. In July, the Jersey arm of Binance enabled trading for its own British pound-backed stablecoin called Binance GBP (BGBP).

Seeing a multi-coin future where many different "types and forms" of stablecoins are traded actively on the exchange, Zhou added:

"[We] hope to launch more compliant stablecoins backed by fiat reserves in the future, introducing more stability to the cryptocurrency world.”

Wei Zhou at Invest: Asia 2019, image via Christine Kim for CoinDesk

investasia

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.