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.
Third Audit Attestation Of USDC Stablecoin Reserves Released By Circle
“As of the Report Date and Time, the issued and outstanding USDC tokens do not exceed the balance of the US Dollars held in custody accounts.”USDC is a stablecoin that is based on the Ethereum (ETH) ERC20 token which was first announced in May 2018 after Circle successfully raised $110 million from investors. The CEO of Circe Jeremy Allaire explained more about USDC by saying:
“It’s a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security. It’s a huge improvement for how fiat money transmission can work around the world for consumers and for businesses who might want to collect digital payment with tokens.”Circle’s third audit attestation on the stablecoin, shows that the company has a surplus of US dollar reserves that are able to back the circulating coins. The first one was published in November 2018. Also, back in December, the USDC stablecoin was added to one of the largest crypto exchanges in the world-Binance after getting listed on Huobi and OKEx both in October.
Stablecoin Purchases Surge Amid Wednesday’s Crypto Market Drop, USD-C Leads The Way
Circle’s USDC Stablecoin Officially Launches On The Coinbase Platform
“We are issuing stablecoins backed 1:1 with the U.S. dollar, completely audited, completely transparent. We think this is a key step toward unlocking innovation in crypto.”For those who don't know the concept of a stablecoin, it is basically a digital currency that is tied to another stable currency like the US dollar - primarily designed to minimize price volatility. Its value is based on the value of the backing fiat currency which is held by a third party which is a regulated financial entity.
Circle Officially Launched A USD-Pegged Cryptocurrency Named USD Coin (USDC)
“When we founded Circle five years ago, we and many in the crypto community envisioned fiat money and financial contracts executing on top of distributed public network infrastructure, building on open standards that would allow us all to share value as instantly and easily as we can access content in web browsers and exchange messages in email and messaging apps. Just as HTTPS, SMTP and SIP enabled free borderless information sharing and communications, crypto assets and blockchain technology will enable us to exchange value and transact with one another in a similar way: instantly, globally, securely and at low cost.”However, this is not the first time the market is hearing about Circle's stablecoin. USDC was previewed back in May this year, in tandem with the announcement that the company (Circle) achieved a $3 billion valuation following the Series E funding led by the Bitcoin mining giant Bitmain. Unlike most of the other USD-backed stablecoins, Circle will not be the only issuer of USD Coin. Instead, the token will have multiple users in the future - as more organizations join CENTRE, which is an open-source consortium launched to develop a decentralized network of fiat stablecoins.
VET Nears Critical Price Support, VeChain Engagement Increases
NFT Game By 8Hour Launched On VeChain’s Thor Blockchain
NEO Analyst Estimate Huge Move For The Cryptocurrency
IOTA Foundation Will Reactivate Network By March 2nd
Mexican ATMs Will Now Support Dash (DASH)
IOTA Forces Trinity Wallet Users To Use Seed Migration Tool
Bitcoin Cash Is Facing ‘Slow Death’ After Its $30M Hack: Analyst
Malta’s Financial Watchdog Says Binance Is Not Licensed
Crypto Education: Which Are The Leading Universities In 2020?
Market For ETH/BTC Went Off A Cliff In 2019, Could Reverse Now
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Ethereum News5 days ago
Enjin Goes Live On The Ethereum Mainnet: Report
- Bitcoin News4 days ago
Crazy Analysis Puts BTC At $400,000 By 2021 Based On One Pattern
- Vechain News4 days ago
VeChain Announces Schedule And Election Of New Members
- Bitcoin News4 days ago
Bitcoin Just Signaled “Sell” While Falling To $9,600 Levels
- Bitcoin News4 days ago
Where And How To Spend BTC In 2020: The Ultimate List
- Libra News4 days ago
EU Does Not Know What To Do With Facebook’s Libra Coin
- Binance Coin News4 days ago
Binance Coin Declines To $22 After Bouncing Back
- Altcoin News4 days ago
Buy Top Products From Taiwanese Brands With Gifto (GTO)