Major crypto exchange Binance has announced a new Binance to USD (BUSD) conversion feature on its platform. Starting immediately, users can now instantly convert a select number of stablecoins to BUSD. According to the announcement , the stablecoins supported for the new feature include Paxos Standard (PAX), USD Coin (USDC), TrueUSD (TUSD), and Tether (USDT). For the first three, the announcement states that the conversion to BUSD will be settled at a 1:1 rate.
Binance will settle conversions for these first three currencies free of charge. However, USDT conversions will be slightly different and will "vary based on the current market price ." The Buy and Sell Cryptocurrencies page is also available for users who wish to access the new conversion feature. Binance also adds that there is no limit on conversion frequency or the amount of funds converted.
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The BUSD was first announced in September 2019. The stablecoin is the result of a partnership between Binance and Paxos Trust Company. BUSD is backed 1: 1 per US dollar and was initially only available on the Paxos platform. About a week after the initial announcement, BUSD made its debut on the Binance platform's listing.
Speaking about the launch, Paxos co-founder and Asia CEO Rich Teo said that the green light received from the New York State Department of Financial Services (NYDFS) showed the importance of stablecoins not only in the currency market. cryptocurrencies but also globally. Teo also added that the offering is another way for Binance to offer its customers specifically designed products.
Paxos and Binance
In addition to the BUSD collaboration, Binance and Paxos have worked on other projects. In November 2019, Paxos announced its Fiat Gateway product with Binance. The offer is designed to allow people to easily exchange US dollars for stablecoins. However, the product had already been available to Paxos customers since May 2019.
The two companies, either individually or together, are finding ways to spread the gospel of stablecoins. Your efforts will go a long way to promote the use of stablecoins in the crypto market. It will also drive stablecoin adoption by making Options are popular enough on other exchange platforms.
