CEO Binance CZ achieved another victory in the US market and thereby pushed his BNB token to further growth.
American regulator NYDFS (the New York State Department of Financial Services) has approved the launch of new stablecoin Binance USD (BUSD), pegged to the dollar, on the Paxos platform. Paxos has been acting in compliance with NYDFS since 2015.
The launch of another stablecoin is completely devoid of any sense from the point of view of the crypto industry. But since dollar-pegged stablecoin is strengthening the dollar, US officials are eager to approve of such initiatives. The real goal of CZ is to show his loyalty to the American authorities and in return to receive the “go-ahead” for launching the American branch of Binance exchange – Binance US. The launch will significantly affect the scale of Binance’s business as a whole and, of course, will lead to the rise of BNB.
This is the main goal. CZ itself made an empty statement with a little sense:
– We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.
But now Paxos is winning too. Its own stablecoin Paxos Standart (PAX, 33rd in the CMC ranking) increased its capitalization by 15%.