Binnace US is the subsidiary branch of Binance that is serving only the US territory. Recently, its CEO gave its views about the importance of stablecoins for the crypto community. Binance has recently supported Stellar and Cardano with its Stablecoin, BUSD.
Adoption of Fiat-backed Coins
Now, more and more digital currency based platforms are issuing their stablecoins in the markets. Of course, there is a solid reason behind the issuing of the stablecoins backed by major fiat currencies. Most of the crypto investors and experts think that fiat-backed coins are less volatile and in turn, help in minimizing the high volatile nature of the digital currency. So, it has a very integral part of improving the financial system.
But there are also opinions prevalent in the industry that stablecoin in the future will have a bad effect on financial stability. But the views of the chief executive of the Binance.US are in favor of fiat-backed coins.
Views of Catherine Coley about Stablecoin
During the session ’Ask Me Anything (AMA), the CEO of Binance US, Catherine Coley, talked about the development projects that are currently active and about the future plans of the company. There was also a discussion about the flexibility of the Stablecoin. He said that these help traders and investors to remain engaged in the crypto community. According to him:
Stablecoins provide an ability to still stay engaged [with the crypto industry] without being fully binary, like completely in the system or out of the system.
Important for Digital Economy
The stablecoin of the Binance is called Binance USD (BUSD) which is backed by the US dollar. And similarly, many other crypto firms have issued the Stablecoins to engage the maximum crypto lovers. Joseph Lubin, the Co-founder of Ethereum also accepted, recently, that these fiat-backed coins are very important for the growth of the digital economy.
The subsidiary franchise of Binance has been trying to expand its services to all the states of the US as per the company CEO. Currently, it has access to only 13 states of America.