According to announcement published on Binance official blog on Sept. 5, the coin has received approval from the New York State Department of Financial Services (NYDFS), which Paxos co-founder and CEO Asia Rich Teo made it known to the news outtlet that the "NYDFS’s approval of the stablecoin Binance USD (BUSD) is a vital step towards long term stability in global crypto markets."
He continued by saying:
“We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners."
BUSD will reportedly be available for direct purchase and redemption in the ration of 1:1 for U.S. dollars on the Paxos platform and for trading against Bitcoin (BTC), Binance Coin (BNB) and Ripple’s XRP on Binance.com.
Expressing excitement over the development, Binance CEO Changpeng Zhao claim that Paxos is leading the digital trusts space and expressed that Binance is excited to work with them in developing their native stablecoin.
“We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.” He added.