A TrustToken spokesman has elaborated further by stating that they are “bringing a direct fiat-to-crypto onramp/offramp to Binance” to clients following enrollment using their smart phone app. The spokesperson also highlighted that Binance is already supporting the paxos standard (PAX) stablecoin.
Furthermore, the spokesperson also asserts that “at this time only TrueUSD is technologically capable of allowing users to purchase and redeem directly from their exchange wallets once they’ve registered in our app.”
Last month, Paxos informed its users that its tokens can be instantly exchanged for US dollars without any quantity limitations. In addition, Jain An, TrustToken co-founder and CEO guaranteed that the firm “will be rolling out many more solutions to easily purchase and redeem TrueUSD.”
Regarding the partnership, Binance CEO Changpeng Zhao commented as follows: “We’re excited to be working with TrustToken to make purchasing and redeeming stablecoins both easy and secure.”
This year, TrustToken intends to launch four new stablecoins pegged to the euro, Canadian dollars, Hong Kong dollars and the Aussie.
Notably, Binance’s CFO (Chief Financial Officer) informed Bloomberg that the exchange will supposedly issue its own stablecoins in the next two months. Earlier this week, Binance announced its plan to trial a stable coin pegged to the British Pound.