Celsius Network on-boards Binance’s BUSD stablecoin and gives users the ability to earn up to 11.9% APY through the Celsius wallet. BUSD joins 11 other stablecoins that Celsius Network supports and offers up to 11.9% Annual Percentage Yield on.
BUSD Coin On Celsius Network
Celsius Network, an industry leading crypto interest earning platform continues to build out their stablecoin offerings. In recent developments, the company announced the addition of Binance’s BUSD stablecoin. BUSD, one of the market’s top stablecoins will now be added to the Celsius mobile app in which users can earn up to 11.9% APY. Interest and rewards on BUSD can be paid out in additional BUSD or CEL tokens. As the stablecoin markets continue to gain traction in 2020, BUSD joins 11 other stablecoin offerings on Celsius.
Alex Mashinsky, the CEO of Celsius Network stated that:
“Stablecoins help us bridge the gap between the traditional economy and the digital economy. Our goal at Celsius is to leverage these assets as a means of bringing the next 100 million users into crypto and away from traditional banks. Offering close to 12% annually on your dollars is unheard of, but cryptocurrencies like BUSD give us the opportunity to change the equation and provide more value for individuals who otherwise would be left out of the equation.”
Additionally, Binance’s Chief Compliance Officer, Samuel Lim added that:
“We are pleased to collaborate with Celsius, allowing BUSD users extra rewards while holding BUSD. By bridging fiat with crypto, stablecoins like BUSD are serving as the key drivers for growing new users and boosting massive adoption of crypto. We will continue to expand the use cases of BUSD and enhance the crypto experience for all existing and new users.”
Stablecoins have continued to scale in 2020, as investors look for yield and diversification. In an environment where the Federal Reserve is pushing interest rates to near zero percent levels, traditional banks no longer offer the yields they used to on customer cash. Companies like Celsius Network are changing the narrative, and creating an environment where almost anybody can earn significant yield on their stablecoin holdings. As Alex Mashinsky outlined above, earning 11.9% APY on cash at a traditional bank is impossible, given the current circumstances on a macro scale. With stablecoins trading at parity to fiat currencies, and being backed by collateral, they are paving the way into a digital economy. Today the stablecoin market is valued around $12.5B. Tether, USD Coin, DAI, Paxos Standard, TrueUSD, and Binance USD are some of the largest stablecoins by market capitalization.
Celsius Network & Binance
Celsius Network offers a blockchain based marketplace that is disrupting traditional banking by offering digital asset reward income and lending solutions. In addition to offering high APY on stablecoins, the company also provides loans against 26 different cryptocurrencies. Celsius Network services 100K+ users on a global scale, and offers financial services that are nonexistent in traditional banking. Binance is a leading crypto infrastructure provider that operates the largest cryptocurrency exchange by volume. BUSD is Binance’s native stablecoin that is highly regulated and backed 1:1 against the USD. The New York State Department of Financial Services has approved the BUSD stablecoin that was issued in partnership with Paxos.