BUSD by Binance, the new USD-pegged stablecoin was officially launched after the new partnership between the largest crypto exchange and Paxos which is now a regulated financial institution that helps to digitize the assets. In today’s coming altcoin news we take a closer look at the partnership and the new stabelcoin.
Both companies will launch a USD-pegged stablecoin and the BUSD by Binance has already received the approval of the New York State Department of Financial Services so this means it will also be available for trading later this month. The announcement comes only days before the expected launch of Binance US which is a subsidiary focused on serving the US traders. According to a press release, Paxos claims that it is in a good position to mobilize and custody the assets digitally as the first regulated trust company with blockchain expertise. The company will also serve as the USD issuer and custodian of Binance USD. Binance will also be available to be purchased on the Paxos platform later this month and once it is integrated on Binance, the users will be able to trade against BTC, XRP, and BNB. The CEO of Binance CZ noted:
‘’Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin.’’
The Paxos co-founder and CEO Rich Teo pointed out:
‘’NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets. We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users.’’
The news comes as an earlier announcement that Binance will launch a subsidiary called Binance US meant for the traders in the United States. In the second half of 2019, the exchange should expect some more developments since in July Binance opened the doors for margin trading services allowing users to place the leveraged orders. The largest cryptocurrency also revealed the plans to create Venus which is a ‘’regional version’’ of Facebook’s Libra in order to establish financial hegemony. As per the reports in the best cryptocurrency news sites, Binance launched a platform that allows the traders to lend their BNB, ETC, and USDT and to also receive a certain annualized interest rate.
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Binance.US Begins Registration Today: 13 States Excluded
"Launching tomorrow, Binance.US is a fast and secure digital asset marketplace, delivering the world’s leading digital asset trading technology, speed, and experience to everyday users in America," the post said.According to an official blog post which went viral in the Bitcoin and altcoin news published on September 17, the exchange will start the registration at 8am ET on September 18 in most of the US states. The list will exclude the states of Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington.
“Although it is upsetting that we cannot offer Binance.US in [these] states [...] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home,” the post continues.Once the registration process starts, Binance.US will start accepting inbound transfers for Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT) and USD "upon appropriate account verification" as the exchange revealed. According to the announcement, there would be no trading fees until November 1st. A popular question in the coming altcoin news are the trading fees. As Binance.US stated in the post, they are an "independent entity" which means that any of the digital assets held by other trading venues or custody solutions "will not automatically transfer to Binance.US." The fees for personal accounts are 0.10% per trade (flat) which means that if you buy $100 of BTC, the fee will be $0.10. Binance.US also noted that the exchange will be separate from Binance.com since the former is a separate company operated by BAM Trading Services. Currently, US users and their digital assets will also be stored in Binance.US wallets. As many best cryptocurrency news sites reported on September 11, the 24-hour trading volume of major cryptocurrency exchange Binance and its futures markets has exceeded $150 million, all of which was denominated in USDT.
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Wells Fargo Will Launch A New Stabelcoin Cryptocurrency Next Year
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo will launch its stablecoin after the largest bank in the United States JPMorgan Chase announced the launch of their own digital currency as a solution to changes in the global financial space. JPMorgan’s coin saw some mixed reactions on the announcement which was made earlier this year. The stance that both banks have is based on the decentralized cryptocurrencies. At many points, the executives have issued warnings about the dangers of using innovations and the control of the fiat-based financial system. Wells Fargo made it to the headlines after it confirmed it was refusing to allow some of the domestic banking customers to use cryptocurrencies and conduct crypto-related transactions. One of the officials of the bank pointed out:
“Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.’’As per the announcement in the coming altcoin news, the governments and central banks are still drawing lines as to what the iterations of cryptocurrency are acceptable. Facebook’s Libra crypto project is also set to release in 2020 so a lot of interesting crypto projects are preparing for next year.
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