Binance CSO Patrick Hillmann said that many private and public entities have expressed interest in partnering with Binance on stablecoins, particularly in Europe and the Middle East.
It also confirmed that Binance does not currently have a US banking partner.
Multiple Companies in Europe and Middle East Want to Work with Binance on Stablecoin
With the imminent demise of the Binance USD coin, which has been effectively terminated by US regulators, according to Patrick Hillmann, chief strategy officer at Binance, multiple private and public organizations are attempting a similar initiative. cryptocurrency expressed their interest in working with the stock market.
“There are very interesting opportunities, especially in Europe and the Middle East,” Hillmann told Forbes, but did not elaborate further.
Binance CEO Changpeng Zhao said in a Twitter post that the company is investigating other issuers and non-USD-based stablecoins. It is thought that the stablecoin that will replace BUSD may not be based on the US dollar.
The New York decision came as a surprise to Binance. “The BUSD product has always been solid in our eyes,” Hillman said. “We didn’t have much time or news to prepare for this. There are a lot of things we’re trying to figure out,” he said, adding: “How to reimburse people, what’s the end date for all this.”
However, Hillman also tried to distance his company from BUSD distributor Paxos:
“The truth is, this is a product they have to manage. When it comes to payback, when it comes to minting, they have full control and ultimately accountability for it.”
According to Hillman, BUSD’s days are numbered. “People won’t want to buy more BUSD because they won’t be sure how to get a refund,” he explained.
Stating that Binance-peg BUSD, a derivative of BUSD created by Binance for blockchains other than Ethereum, is also likely to expire, the manager said, “Besides Ethereum users, there will be no users who want to transact with BUSD on any chain for a longer period of time.”
*Not investment advice.
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