Binance stablecoin has been added on the BitPay as the demand for the asset class skyrockets. The support for BUSD will see the stable coin join other coins including USDC by Coinbase, Paxos and the Gemini Dollar as other payment choices.
Apart from the stablecoin popularity in recent times, demand for crypto payment is on the rise which has seen BitPay popularity increase. The platform has been riding on the increased demand for stablecoins.
While breaking the news earlier today, the payment processor adds that the wallet holder can buy the stablecoin from Binance or any other crypto exchange the coin is listed. However, merchants will have to wait until the end of the week when they will be fully integrated into the system.
BitPay and Binance stablecoin support timing
On top of the listing, BitPay is processing all donations being channeled through the Binance Charity Foundation. This is the exchange initiative aimed at supporting donations using blockchain.
The timing is just right especially during the coronavirus pandemic which will see more blockchain-based organizations donate to help the victims.
Stephen Pair, the BitPay CEO adds:
With BUSD, BitPay expands blockchain payment choices for all our customers across the global payments space who wants the flexibility of paying on the blockchain with the stability of the U.S. dollar. The partnership with Binance is about making cross border payments simple and easy for businesses by levering the global influence of the Binance exchange.
Why choose Binance stablecoin for listing?
The Binance stablecoin is backed by traditional currency and this protects users against the will volatility associated with crypto. BitPay has set its eyes on stablecoins since it added the option four months ago. However, in addition to stablecoins, users have the option to make payments using BTC, LTC, and Ether.
The platform went a step further through the Poynt partnership in February which allows users to use BTC to make payments through supported physical retail outlets.