In brief
- BitPay has added support for the Binance stablecoin, BUSD.
- BitPay already supports other stablecoins, such as USDC, GUSD, and PAX.
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Crypto payments company BitPay is adding to the list of cryptocurrencies its platform supports.
The firm today announced it has now integrated Binance’s stablecoin, BUSD. This means that BitPay customers can now accept BUSD as a method of payment. They can also purchase BUSD through Binance or any other exchange where the stablecoin is listed.
Support for BUSD goes live today through the BitPay wallet, which boasts nearly two million users. BitPay merchant support will also go live by the end of the week, thereby allowing businesses to perform cross-border payments through BUSD. BitPay will also now process all donations from the Binance Charity Foundation, a non-profit that seeks to boost blockchain-based philanthropy.
“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 U.S. dollar,” BitPay CEO Stephen Pair said in a statement. “The partnership with Binance is about making cross border payments simple and easy for businesses by levering the global influence of the Binance Exchange.”
Stablecoins such as BUSD are digital currencies backed by fiat currencies like dollars, yen or euros to mitigate the volatility of standard cryptocurrencies.
The addition of BUSD to BitPay’s platforms comes just four months after the company first added stablecoins as payment options, including Coinbase’s USD Coin (USDC), the Gemini Dollar (GUSD) and the Paxos Standard token (PAX) Prior, BitPay offered clients the option to pay in Bitcoin and Bitcoin Cash, and added Ethereum in September of last year.
In February, BitPay partnered with point-of-sale provider Poynt to bring Bitcoin and cryptocurrency payment options to brick-and-mortar retailers.