Latest Binance USD updates on February 22nd

2023-01-10 : 1/ Paxos does not provide services for the issuance of wrapped versions of any asset and does not support any such… https://t.co/6jYF6U1X6U

PaxosGlobal has been busy in the last month. On February 13th, they announced that they will stop minting new BUSD tokens effective February 21st. They will continue to manage all outstanding BUSD reserves and ensure that BUSD tokens are redeemable through Paxos Trust Company until at least February 2024. Additionally, they have been sending out DMs to potential partners and have clarified speculation that they have not been asked to withdraw their application for a national trust bank charter. They have also been hiring enterprise-grade security, scalability and applied cryptography engineers for their new team, offering a comprehensive guide to financial infrastructure with blockchain technology, and discussing the importance of creating trust in global financial networks.

What is Binance USD ?

Binance USD (BUSD) is a stablecoin issued by Paxos Trust Company and is backed 1:1 by the US dollar. BUSD is a regulated, digital alternative to the US dollar, designed to offer the same security, stability and liquidity of the US dollar, but with the added benefit of blockchain-enabled trading and transactions. BUSD is fully compliant with US regulations, and is the first stablecoin to be approved and regulated by the New York State Department of Financial Services (NYDFS).

BUSD is a great way for users to avoid the volatility of the crypto markets, while still being able to access the benefits of blockchain technology. It can be used for trading and transactions on a variety of platforms, including the Binance exchange. It can also be used for merchant payments, loans, and more.

BUSD is a secure and reliable way to store value, and is backed by a reserve of USD held with Paxos Trust Company, which is subject to regular audits by Withum, an independent public accounting firm. This ensures that BUSD can be exchanged 1:1 for USD at any time.

BUSD is easy to use, and can be bought and sold on the Binance exchange. It can also be purchased directly from Paxos, and is available in the Paxos Wallet app. BUSD can be used to buy, sell, and trade other crypto assets, making it a great way to diversify a portfolio.

BUSD is a great way to get exposure to the crypto markets without having to worry about price volatility. It is a safe, reliable, and secure way to store and transfer value, and is fully compliant with US regulations. With its low fees and fast transactions, BUSD is a great option for users looking for a stablecoin to use for trading and transactions.

This article was published on 2023-01-29 by Marc Endevor. Information shown in this article was gathered from the project’s website and Twitter account. Coinvestigate cannot guarantee the accuracy of this information, or any news that may have impacted the project in the meantime.