New York Department of Financial Services gives its blessing to Binance's dollar-backed stablecoin
Binance is launching a dollar-backed stablecoin, Binance USD (BUSD), in the U.S., and it's doing so with the blessing of the New York Department of Financial Services (NYDFS), CoinDesk reports. The exchange announced Thursday that NYDFS had approved the new offering, which Binance is launching in partnership with the Paxos Trust Company. The Binance stablecoin will be backed by U.S. dollars on a 1:1 ratio, according to a press release.
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