To commemorate the one year anniversary of our Launchpad IEO, Harmony and Binance have partnered to launch Binance’s BUSD stablecoin on Harmony. Binance and Harmony share a common vision of democratizing access to financial services. We hope this partnership will bring greater success to both Binance as a leader in the stablecoin market and Harmony as a technology layer.
As the first stablecoin on Harmony, BUSD will position Harmony to capture a share of the burgeoning stablecoin market and will set the foundation for further financial use cases on the platform. During March and April, stablecoin market capitalization doubled from $3.5B USD to $7B USD. In January this year, the transfer of stablecoins on Ethereum surpassed the transfer of all other tokens on the platform including ETH itself. Furthermore, with users spending a total of over $1.8 million in Ethereum gas fees in the last 30 days to send USDT, users are in need of more efficient ways to transact stable value.
Harmony’s sharded proof-of-stake protocol provides the high-throughput, fast settlement time and low transaction fees necessary to power the growing demand for stablecoin value transfer. We look forward to demonstrating how our technology will enable stablecoin use cases and user experiences that no other blockchain before us could.
Harmony sees a future where blockchain as a global settlement layer will power instant transfer of value within and across borders at a fraction of today’s costs. Auditable privacy enabled by zero-knowledge proofs will provide private yet compliant financial transactions to make this all possible. If you are interested in building the future of finance with Harmony, email firstname.lastname@example.org for our $7m cross-fi and ZK-proof grants.
We must take this opportunity to thank Binance for their continued support. We began our partnership with Binance a year ago for our IEO, but that was only the beginning. Since then, they have supported our Pangaea testnet campaigns from which came our P-OPS team and many core community members. They supported our staking launch by operating nodes and delegating tokens to validators. And now they have brought us yet another major milestone, our first stablecoin.
We look forward to deepening our relationship with Binance in the coming year. Now that our mainnet is live, we are well positioned to do even more.