Malta-based Binance and its CEO, Changpeng Zhao aka CZ, have been in the news for quite a while now. They are in the news again after CZ revealed that the team was set to roll-out the second version of its native stablecoin, Binance USD [BUSD]. BUSD has been approved by the New York State Department of Financial Services [NYDFS], and is being developed in association with Paxos, a stablecoin issuer.
In a recent AMA session, CZ addressed the upcoming stablecoin and briefly stated that while regulatory approval was significant, the exchange was now focused on optimizing user experience.
“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.
CZ had previously claimed that the native stablecoin was aimed at “unlocking more financial services” in the future. According to the CEO, BUSD was exhibiting a “huge uptake” and at the time of writing, the stablecoin had registered a 24-hour trading volume of $583,245. CZ added,
“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.”
CZ believes that this is a very good way for people to move value between fiat and crypto. He also went ahead and revealed that Binance was working with different governments and large organizations on an awareness program, in an effort to enable access and provide liquidity and financial innovation to developing countries.