Binance, the world’s largest cryptocurrency exchange, is partnering with BitPay, the “world’s largest provider of blockchain payment services, to push BUSD to more customers.
BUSD is Binance’s stablecoin that pairs with its blockchain network. Essentially, BitPay will provide support for the asset, with users gaining the ability to use BUSD for payments all across the network. The feature is live as of this writing.
Speaking on the matter is Stephen Pair, the CEO of BitPay, according to a press release:
“The partnership with Binance is about more than supporting another stablecoin, it is about making cross border payments simple and easy for both businesses by leveraging the global influence of Binance Exchange. With BUSD, BitPay expands blockchain payment choices for all our customers across the global payments space who want the flexibility of paying on the blockchain with the stability of the US dollar.”
Stablecoins, of course, are useful because they’re much less volatile than assets like Bitcoin. These are cross-border assets that can be settled almost instantaneously, only they’re tied to the value of a fiat currency. This allows countries to circumvent additional fees and wait times traditionally associated with international conversions.
Should this work, we’ll see more users getting used to the idea of a stablecoin, and potentially taking interest in the other ones around the cryptosphere.