Binance Launches Dollar-Backed Crypto Stablecoin With NYDFS Blessing
Binance has announced a dollar-backed stablecoin approved by NYDFS and launched in partnership with Paxos.
For the first time, investors can trade gold-backed futures contracts on a leading crypto derivatives exchange. In addition to its spot market trading, PAX Gold is now available as perpetual and quarterly futures contracts on FTX.
The regulated firm is opening up its stablecoin-to-USD swaps facility to third parties, starting with Binance.
Paxos is enabling a new auto-transfer feature to streamline the conversion of funds between bank accounts and stablecoin deposits.
The SEC has granted Paxos a no-action letter letting it settle equities products on a private blockchain.
Binance's dollar-backed stablecoin, BUSD, created in partnership with the Paxos Trust Company, will soon be available for trading.