US banks get approval from the New York Financial Department of Financial Services (NYDFS) to offer custody services for Binance stablecoin, Binance USD (BUSD).
In its Greenlist, NYDFS added Binance USD (BUSD) for custody as well as for listing. The cryptocurrencies include Bitcoin (BTC), Binance Cash (BCH), Ethereum Classic (ETC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) while stablecoins consist of Gemini Dollar (GUSD), Pax Gold (PAXG), and Paxos Standard (PAX).
US-based Institutions can Use BUSD
Regulated financial institutions can list it whenever they want, claims the New York Department of Financial Services.
“If tomorrow, JP Morgan decides to use BUSD, they can and do so immediately.”
After getting the green light from NYDFS, the native token of Binance will get more exposure in the US. In the US, one can buy BUSD via cryptocurrency exchange Binance US and Paxos. While outside of the United States, Binance’s stablecoin is present over Binance exchange.
Paxos Trust Company helped Binance company to roll out Binance USD. Binance CEO Changpeng Zhao said,” 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 digital assets.”
The New York Financial Department of Financial Services licensed Paxos as trust company. Since then Paxos has launched the Gemini dollar as well as its own native token Paxos.
In March 2020, PAXOS reported that Binance USD’s volume reached above $115 million. “BUSD pairs on Binance hit transaction volumes of more than $200M, which makes BUSD the most traded, fully USD-backed stablecoin,” PAXOS added.
Zhoa said at that time,” BUSD’s market cap crossing $100 million is a big milestone for Binance and Paxos, which illustrates the strong need and use of alternative assets in the market. We are looking forward to seeing more utility through the power of stable digital assets and serving our part with BUSD, a NYDFS-approved USD-based stablecoin.”