Binance cryptocurrency exchange said users can now buy USD-backed stablecoin though it exchange, thanks for an approval gotten from the New York State Department of Financial Services (NYDFS).

According to a recent announcement by the exchange, NYDFS has just issued approval for its stablecoin. Henceforth users can now convert BUSD into four different stablecoins, USDT, USDC, TUSD.

The BUSD stablecoin was issued in partnership with Paxos Trust Company, hence it can also be traded against PAX as well as some other notable cryptos on the platform.

Trading BUSD against Paxos on Binance exchange does not require any fee, but bank charges/wire fees may apply.

$BUSD – #Binance's USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS). Purchase, convert and trade! 💰https://t.co/20EjHHfVAh pic.twitter.com/jQUaaffBuP — Binance (@binance) January 6, 2020

In the case of other currencies, the stablecoin is supported by ERC-20 and BEP-2 tokens, and it allows users to transfer dollars around the world at low cost and almost instantaneously.

Aside Binance family exchange platforms, the stablecoin can be traded on a number of platforms like HitBTC, BitPay, Changelly and Coinchase, among others.

Binnace launched the stablecoin in mid-September 2019. Earlier in 2019, Binance also launched a British pound-backed stablecoin called Binance GBP (BGBP).