Binance, the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, and BitPay, the world’s largest provider of blockchain payment services, are working together to make BUSD a viable payment option across all of BitPay’s merchants worldwide, including all the states in the U.S.
BitPay will allow all of its merchants around the world to accept BUSD, the USD-denominated stablecoin approved by the New York State Department of Financial Services (NYDFS), as a form of payment online and in its cross-border, business-to-business billing platform without additional integration.
“We believe a growing number of merchants and businesses will start adopting crypto, and we are glad to provide the payment solution together with BitPay, making the process simpler and easier,” Binance Founder and CEO Changpeng Zhao (CZ) said.
Support for BUSD in the BitPay wallet has been activated recently, while support for BitPay merchants will go live in the coming days.
BitPay CEO Stephen Pair said, “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.”
The rise of BUSD
Since its launch in September 2019, BUSD has grown by leaps and bounds, This month, BUSD surpassed $200 million in total supply, just one month after hitting the $100 million milestone, and solidified its position as the fourth-largest stablecoin in the world.
The number of total users of BUSD has grown from 40,000 to 120,000 in just one month. BUSD is now supported on 60 platforms, including exchanges, wallets, decentralized finance services, payment channels, and more.
The BUSD team has been proactive in growing the reach and utility of BUSD. Earlier this month, we collaborated with international payment company AlchemyPay to use BUSD as a digital currency for payment in local stores worldwide, starting with a pilot program involving various thousands of merchants in Singapore. Meanwhile, online travel booking platform Travala.com integrated BUSD as a payment option for booking more than two million hotels and accommodations across 200 countries and territories worldwide.
BUSD and BitPay, Stronger Together
BUSD is set to grow its use case further with this partnership with BitPay. BitPay wallet’s nearly 2 million users can top up the BitPay Card, while businesses like Avnet and Onfido can facilitate cross border payments using BUSD. BitPay counts global brands like Microsoft, Newegg, AT&T, Dish Networks, and eGifter among some of its biggest clients, and Binance inclusion in that circle will further strengthen crypto adoption.
Beyond BUSD, BitPay has committed to strengthening its ties with Binance, starting with processing donations for Binance Charity Foundation. We look forward to furthering collaborations between Binance and BitPay.