The Chief Executive Officer of Binance – Changpeng Zhao (CZ) – said one reason why his company recently introduced the stablecoin FDUSD is the terminated partnership with Paxos. While the two entities teamed up in 2019 to launch the USD-denominated BUSD, the New York state regulators told Paxos to stop minting new tokens earlier this year.

CZ said that, as of the moment, Binance has no intention to list its own stablecoin but rather collaborate with other companies focusing on that product.

‘Given That Everything is a Risk, Let’s Diversify’

Zhao shared some of Binance’s plans regarding stablecoins during a Twitter space from this week. The crypto exchange recently added its support to FDUSD – a stablecoin issued by a Hong Kong custodian called First Digital Trust. 

CZ said many other deals could follow this partnership since the marketplace has been cooperating with stablecoin projects from different regions. One of those should see the light of day in the near future, the CEO stated:

“We also have another partnership based on stablecoins that is coming up. I wouldn’t quite announce it just yet, but there is another one coming up.”

He explained that the increased efforts in that field come as a result of the suspended collaboration with Paxos. The New York Department of Financial Services orderedGo to Source to See Full Article
Author: Dimitar Dzhondzhorov

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