Decentralization focused blockchain Harmony announced that Binance Chain’s stablecoin, Binance USD (BUSD) would soon be launched on its mainnet.
$BUSD (NYDFS approved, fully audited, $170M cap) will launch on @harmonyprotocol mainnet!
Harmony’s sharded PoS protocol provides the high-throughput, fast settlement & low transaction fees necessary to power the growing demand for #stablecoin transfer.https://t.co/riGXkNGWf9 pic.twitter.com/He1cKr1hov
— Harmony 💙 (@harmonyprotocol) June 1, 2020
In a Medium post announcement, Harmony co-founder Nick White said that Binance and Harmony share the same vision — to democratize access to financial services.
BUSD would be the first stablecoin on Harmony’s mainnet. This will help the protocol to capitalize on the rising demand for stablecoins. In Binance.US, you can buy, sell & trade cryptocurrencies. You can also trade BUSD on Binance US exchange.
White also stated in the blog post that during March and April, a period when over a third of the entire world, including the U.S., China, and Europe, were under lockdown due to the Coronavirus pandemic, stablecoin market doubled from $3.5 billion to $7 billion.
Harmony chief further added,
The demand for stablecoins has been on the rise, especially after the Bitcoin crisis that plagued the markets throughout 2018, and most of 2019 as well. In the past couple of years, there has been a spree of stablecoin launches from major crypto networks, which also included Binance’s BUSD. To give a perspective, in January 2020, the trading volumes of stablecoin on Ethereum blockchain surpassed all other tokens, including ETH.
