Binance and its subsidiaries have made news multiple times in the cryptocurrency industry either by generating tie-ups or through strategic partnerships. Binance’s stablecoin, BUSD, had also captured headlines after increased adoption by major companies. The latest platform to add BUSD onto its roster was the SWIFT blockchain. The cross-chain wallet and payment application powered by $SWFTC also tweeted:
“We are excited to announce that $BUSD, the #stablecoin of @binance & @PaxosGlobal is now available to #swap with 200+ currencies, and make instant #payments using #SWFTBlockchain!”
Swift currently offers services for windows, Android, and iOS. At press time, BUSD was trading for an even $1 with a total market cap of $19.311 million.
The stablecoin held a24-hour market volume of $9.274 million after a 0.17 percent fall in the 24-hour chart. The announcement was treated with joy amongst the Binance community with Changpeng Zhao, the CEO of Binance, claiming that this will only lead to more adoption. One user, XRP_Joe, stated on Twitter:
“Congrats CZ, I see the pieces of your puzzle are coming together for your new Binance Phone by HTC.. A fiat gateway/ Pos terminal.. Once they can spend their BNB on everyday Items then you have finally made it to the top of the crypto chain.”
This has been BUSD’s second listing in as many weeks as the stablecoin had also been added onto Coinchase on the 4th of November. Coinchase had stated that the addition of Binance’s stablecoin asset would help in pushing the crypto engine moving forward. The addition was also supposed to give Coinchase’s 600,000 plus users a taste of the BUSD experience.
Binance’s stable coin push was again shown when the exchange revealed that it would be the first client for Paxos’ new dollar gateway. With its new fiat gateway service, users could execute simple swaps between stablecoins (including the Paxos Standard) and US dollar. Post the announcement of the partnership, CZ added:
“Paxos is a trusted partner that keeps innovating ways to make traditional and digital assets more interoperable. The new Fiat Gateway is the fastest, simplest U.S. dollar on/off ramp for our customers. We look forward to working more closely with Paxos to integrate additional solutions.”
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