CYBAVO secure digital asset management platforms already support recently released Binance USD (BUSD) stablecoin. The USD-backed token was launched earlier this month by the cryptocurrency exchange Binance in partnership with PAXOS, after receiving the approval from the New York State Department of Financial Services (NYDFS).
Stablecoins are cryptocurrencies pegged to other assets, like exchange-traded commodities as gold, or in many cases to fiat currency such as US Dollar or Euro. Stablecoins are designed to reduce the high price volatility characteristic of other cryptocurrencies.
CYBAVO VAULT is a digital asset custody platform and wallet manager designed for institutional level digital asset management and custody. CYBAVO WALLET SDK allows service providers to easily and securely develop BUSD stablecoin wallets (and other cryptocurrency wallets) for their customers.
CYBAVO VAULT and CYBAVO WALLET SDK already supported BNB token -also issued by Binance, and now BUSD is added to the list of supported tokens, which also includes other stable coins such as GUSD, USDT, TUSD, USDC or PAX.