TL;DR: From Atlanta by way of Singapore, bitcoin payments giant BitPay and popular cryptocurrency exchange Binance announced, in press materials sent to CoinSpice, teaming to support the stablecoin BUSD for cross border payments.
BitPay Announces Support for Binance Stablecoin BUSD
“Through the partnership, BitPay will enable all of its merchants around the world to accept BUSD as a form of payment online and in its cross border business to business billing platform without additional integration,” publicist Jan Jahosky explained in an email on April 27, 2020 to CoinSpice. “As part of the partnership, BitPay will support BUSD in the BitPay wallet so its nearly 2 million users can top up the BitPay Card using a dollar-pegged stablecoin.”
Binance released its own native stablecoin pegged to the US dollar in October of 2019. The currency, called BUSD (Binance USD), is pegged to the US dollar similar to that of well-known examples like Tether. It’s built on top of the Ethereum network as an ERC20 token, though there have been rumors BUSD might migrate eventually to the proprietary Binance Chain. Paxos serves as the coin’s issuer and custodian of fiat funds associated with the peg.
“BitPay merchants and businesses can purchase BUSD through the Binance Exchange and global exchanges listing BUSD. Support for BUSD in the BitPay wallet goes live today and support for BitPay merchants will go live in the coming days,” press materials noted. BitPay also revealed further, “Avnet and Onfido can facilitate cross border payments using a dollar-pegged stablecoin.”
BitPay began its formal foray into stablecoins late last year, choosing first Gemini Dollar, Paxos Standard, and USD Coin as their initial offerings. Stablecoins are thought to be price volatility mitigation tools ideal for some merchants and those wishing to lessen value risk in emerging economies especially, enabling “global merchants and businesses to send and receive international payments faster and more economically than traditional bank wires,” the payments company stressed.
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