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The worlds largest cryptocurrency exchange Binance are going to launch BUSD their own stablecoin pegged to the US dollar.

The new coin  has been approved by the New York State Department of Financial Services (NYDFS), who previously had been very strict with  cryptocurrency companies.

According to Binance CEO, Changpeng Zhao the coin will be used to  “unlock more financial services”.  The stablecoin will be up for direct purchase and redemption on the Paxos platform, as well as for trading on later this month.

The coin will trade against three cryptocurrencies,  bitcoin (BTC), Binance coin (BNB) and XRP. Elsewhere,  Binance is also preparing to launch  Venus, which is said to be similar to Facebook’s upcoming stablecoin Libra.  

Yi He, the co-founder of Binance said  “We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy.”