According to CEO Changpeng Zhao aka CZ the Malta-based firm, BUSD has been approved by the New York State Department of Financial Services [NYDFS], and is being developed with the help of Paxos, a stablecoin issuer. CZ went on to comment:
“The regulatory aspect is very significant, but what we focus on is the user experience and the product. Right now the current version of BUSD with the buying and issuing redemption of it is done but we have a second version coming up very quickly. That will be even further optimizing that experience, so we are making that experience really really smooth.
Nobody can doubt the success of the original coin
“BUSD is listed on a number of exchanges already, including Binance, and we are already seeing a huge uptake. I think in the last couple of days there was $10 or $20 million being bought by users, so from the issuer perspective, they [BUSD] are being distributed. So we are seeing very strong demand for that.”
Stablecoins are a great invention for crypto traders they ensure the stability of fiat but can be traded at ease with traditional cryptocurrencies. Liquidity was an issue but now they are so popular it seems that the major ones are performing well.
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