BUSD stablecoin joins USD coin on Dapper Labs flow which could mean that the blockchain is more appealing for the defi developers as we are reading in the Binance news today.
The Binance-basked BUSD stablecoin will now be officially added to Flow blockchain and the developers will be able to utilize BUSD with the Flow dapps in a permissionless manner. Flow creator Dapper Labs is the developer of the popular crypto game CryptoKitties and NBA Top shot. For the second time this week, Cryptokitties developer announced the partnership between Flow blockchain and a stable coin, and this time it was Binance in question to bring BUSD to Flow.
Dapper revealed the partnership with Circle as well to use the USD coin and to settle debit and credit card payments for every purchase that will be made on Flow. Just announced this week, the alliance started during the closed beta of the licensed collectibles game NBA top shot which hit $2 million in revenue since June.
While Dapper Labs is best known as the developer of the projects, along with the Ultimate Fighting championship and Dr. Seuss blockchain collectible experiences so this partnership seems designed to aid the expansion of the Flow blockchain. According to the press release, Flow developers will be able to integrate the BUSD stablecoin into the decentralized apps. BUSD is backed 1:1 by the US dollar and it is one of the coins that received regulatory approval from the New York State Department from the Financial Services. Flow’s USDC support is now as deep as the stable coin runs on Ethereum and Algorand still.
Dapper labs could be associated with entertainment and games but BUSD integration will make Flow an ideal option for the Defi applications too. The company’s release calls out these possibilities as derivatives, collateralized loans, and insurance products. Binance chief compliance officer Samual Lim said:
“We believe decentralized entertainment and games will play a leading role in accelerating crypto adoption. Our partnership with Flow and Dapper’s track record will bring BUSD into the hands of millions of consumers. We will not stop innovating as we look to build the fintech infrastructure for tomorrow.”
According to CoinGecko, BUSD is the fifth biggest stablecoin in terms of market capitalization at $393.3 million. however, it falls behind Tether’s USDT which has a market cap of $15 million. Expanding to Flow will simply open up this stabelcoin to additional users but we will see if it’s enough to help surpass Tether.
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