Amidst Bitcoin’s ongoing rally, popular crypto exchange Binance has hi yet another milestone. It native stablecoin Binance USD (BUSD) is now on the New York Financial Department of Financial Services (NYDFS) green list, which enables banks in New York to list and provide custodial services for Binance’s Stablecoin.
The financial watchdog has updated its green list of assets that can be held by banks, and Binance USD is on the list. Banks in New York can now use the asset without requiring any further approval from the regulatory watchdog, apart from a heads-up notification.
According to Samuel Lim, Binance’s compliance officer, licensed banks can now start using BUSD instantly.
“So if tomorrow, JPMorgan decides to use BUSD, they can and can do so immediately,” he said.
Binance added that NYDFS approved BUSD during its launch in September 2019, but further approval was required for exchanges before they could list the Stablecoin.
Binance partnered with Paxos, the first regulated Trust company with blockchain expertise licensed by NYDFS, last year, to launch BUSD in New York and other areas.
Since launch, Paxos has listed several stablecoins including its native stablecoin, along with other major ones like the Gemini dollar for Gemini’s crypto brokerage firm.
Amongst other crypto assets green-lighted by NYDFS are Bitcoin, Ethereum, and Litecoin.
The recent events have been marked as a milestone for BUSD and Binance itself for making one of its crypto products available in one of the toughest regulatory spots for crypto-related products in the nation.
It is interesting to note that the exchange’s native currency Binance Coin (BNB) hasn’t received NYDFS approval yet. Binance hasn’t shared any information on whether they are trying to enlist BNB as well.
As of now, New Yorkers are able to purchase BUSD on Paxos and will soon be able to hold their assets with custodial services provided by local regulated banks.
Meanwhile, BUSD hit a purchase volume of $1 billion last month in just 261 days of launch.
At the time of writing, the trading volume of the stablecoin stands at $1.8 billion according to Coingecko.