Two New Stablecoins Gets Regulator’s Nod

In a span of two weeks, we have witnessed two major announcements in the stablecoin industry, the launch of Paxos’s gold-backed Ethereum token PAX Gold (PAXG) and the release of Binance’s own stablecoin Binance United States Dollars (BUSD).

Global digital asset firm Paxos announced the release of its PAXG token through a press release some days back, stating that it is the world’s first crypto asset to be fully redeemable in exchange for physical gold.

According to Dorothy Chang, vice president of marketing and communications at Paxos, their deep relationships with industry leaders in the gold industry has enabled them to develop the operational infrastructure to make PAX Gold available and redeemable for physical Gold.

Binance entered the stablecoin market when it released its USD-backed stablecoin dubbed as USD, made possible through its partnership with Paxos.

With this development, Paxos has now three different stablecoins in the market, Paxos Standard (PAX), PAX Gold (PAXG) and BUSD which are all fully regulated and has received approval from the New York State Department Financial Services.