Cryptocurrency exchange Binance launches stablon BUSD, a course which will be tied to the U.S. dollar, tells The Block. The issue of cryptocurrencies will be implemented on the Ethereum blockchain, said the representative of the exchange.
In the development of BUSD also attended by the company Paxos previously issued stablon PAX. It will deal with the issue of BUSD and storage of Fiat reserves, to be used for education. CEO Binance Chanpen Zhao said:
“Paxos is a leader in the digital space trusts, and we are pleased to develop our stablon with them.”
To buy and repayment BUSD will use the platform to Paxos. Trades using stablon on Binance.com start in September. Initially to exchange for BUSD will be available three cryptocurrencies: bitcoin, Coin Binance and XRP.
Binance and Paxos claim that they have already received the permission of the Department of financial services of the state of new York for the maintenance of BUSD.
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