Binance USD (BUSD), a stablecoin developed by cryptocurrency exchange Binance is now available on Avalanche or Polygon. This is another addition to the massively growing cross-blockchain compatibility of BUSD stablecoin. In September 2019, Binance and Paxos partnered to launch its native stablecoin BUSD on Ethereum Blockchain.
According to Binance, users can now “safely and efficiently” explore these ecosystems with the help of their native BUSD token.
Currently, the BUSD stablecoin is the seventh largest cryptocurrency and its total market value stands at $20.5 million, as per Coinmarketcap data. Furthermore, BUSD grabs 3rd spot for USDT and USDC in stablecoins ranking.
Binance announced in September that it would convert users’ True USD (TUSD), USD Coin(USDC), and Pax Dollars (USDP), into BUSD. According to the company, such a conversion was necessary in order “enhance liquidity.” The removal of competing stablecoins is likely to increase demand for the house-owned BUSD token.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.