Cryptocurrency exchange house Binance is launching a dollar-backed stablecoin in the US.
In addition, the new Binance USD (BUSD) has received the blessing of the New York Department of Financial Services (NYDFS).
The exchange company announced Thursday that NYDFS had approved the new offer, which Binance is launching in partnership with Paxos Trust Company.
According to a press release, Binance’s stablecoin will be backed by the US dollar at a ratio of 1:1.
The offer joins Paxos Standard and Gemini Dollar as an NYDFS-approved stablecoin.
At launch, Paxos verified customers will be able to purchase BUSD tokens directly through the company’s wallet using US dollars or PAX, Paxos’ stablecoin. Binance users will also be able to exchange BUSD for bitcoin, binance coin or XRP.
The exchange house previously announced its intention to issue stablecoins worldwide as part of its Venus project. Binance has already issued stablecoins linked to bitcoin (BTCB) and British Pound (BGBP).