September 5, 2019 Binance and Paxos are launching a 1:1 USD-pegged stablecoin, Binance USD.

BUSD will run on the Ethereum blockchain, and Paxos will serve as custodian of the USD reserves by which it is backed. The NYDFS-approved token may be purchased or redeemed on Paxos’ platform and will be tradable against BTC, BNB and XRP on Binance’s exchange. Additionally, Paxos intends to launch another stablecoin, Pax Gold (PAXG), pegged to 1oz of gold, in the near future.