Binance’s native stablecoin — Binance USD (BUSD) — was the third-largest stablecoin pegged to the United States dollar, minted by blockchain infrastructure platform, the Paxos Trust Company, through a transfer of technology agreement between the two firms.
However, on Feb. 13, the New York Department of Financial Services ordered Paxos to stop minting any new BUSD tokens.
Binance minted TrueUSD after BUSD’s ban. Source: Twitter
