BUSD — Binance and Paxos Stablecoin Latest to Get US Regulator Consent

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Over the course of the past few weeks, the global cryptocurrency community bore witness to two major announcements related to stablecoins — with the first being the launch of Paxos’s gold-backed Ethereum token, PAX Gold (PAXG), and the other being the release of Binance’s cryptocoin backed by the United States dollar (BUSD).
Paxos, a global digital asset trust firm, announced the launch of its PAXG token via a press release a few days back. In the document, the firm claims that its product is the world’s first crypto asset to be fully redeemable in exchange for physical gold. Not only that, but the stablecoin has also received a regulatory nod of approval from the New York State Department of Financial Services (NYDFS), with the government body referring to PAXG as the first gold-backed digital currency to become eligible for trading in the state of New York.
Additionally, each PAXG token is backed by 1 fine troy ounce of London Good Delivery gold that has been stocked across discreet vaults spread out around London. If that wasn’t enough, token owners are provided with complete control of the gold that is associated with their holdings and have the option of moving their tokens like any other ERC-20-based crypto, thereby making it significantly easier for people to trade physical gold without having to bother about the logistics. Elaborating further on the utility of PAXG, Dorothy Chang, Paxos’ vice president of marketing and communications, told Cointelegraph:
“PAX Gold stands out because we uniquely have deep experience in both the traditional gold market as well as in asset tokenization. In the traditional gold market, we have a suite of products that have been used by the legacy gold trading markets. For example, our Confirmation Service has been used to confirm over 500k gold trades worth over $1T. Being this ingrained in the gold market has enabled us to draw on our relationships with leaders in the space — like Brink’s and INTL FCStone — to develop the operational infrastructure to make PAX Gold available and redeemable for physical gold.”

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