The biggest crypto exchange to date, Binance, revealed the integration of its stablecoin, BUSD, into the Avalanche and Polygon chains in order to broaden its ecosystem. Users of Binance will be able to conduct deposit and withdrawal payments throughout the Avalanche, Polygon, and BNB Smart Chain networks due to the integration.
Binance will now support BUSD transactions across five distinct blockchain networks, including Polygon, Avalanche, BNB Smart Chain, and the Ethereum network.
The official post on the website of the exchange communicated the following: “Binance has completed the integration of Binance USD (BUSD) on the Avalanche and Polygon networks. Deposits and withdrawals for BUSD are now open on both networks. Users may transfer BUSD across the Ethereum, BNB Chain, Avalanche, and Polygon networks.”
The BUSD-Avalanche and Polygon integration will let traders use the stablecoin which is pegged to the USD to peruse the two environments. In an attempt to keep its development and growth, Binance likewise intends to assist other blockchain ecosystems through BUSD.
Binance also provided deposit addresses for BUSD on the Avalanche and Polygon chains in the same release post. The relevant Binance smart contracts were BUSD (Binance-Peg) on Avalanche: 0x9C9e5fD8bbc25984B178FdCE6117Defa39d2db39, and BUSD (Binance-Peg) on Polygon: 0x9C9e5fD8bbc25984B178FdCE6117Defa39d2db39.
The New York State Department of Financial Services (NYDFS) oversees BUSD, which is produced by Paxos. Binance claims that the exchange offers the tethered stablecoin service by securing BUSD on Ethereum and releasing an exact number of BUSD on other chains in accordance with the exchange’s proof of assets.
Binance (BUSD) is anchored to the value of the US dollar. Because of this, the price of BUSD varies in accordance with the varying greenback value. The New York State Department of Financial Services, as well as every other licensed virtual currency produced by the Department, has given the stablecoin its seal of approval for trading.
For each BUSD released, Paxos, the BUSD issuer, retains an identical number of US Dollars. Many of the reserves kept for this reason are housed in US banks that are insured by the FDIC.
Although Binance provides wrapped BUSD stablecoins on BNB, Paxos releases BUSD on Ethereum.
BUSD has kept doing well and climbed to the front of the list of the most dependable stablecoins in the cryptocurrency industry as a result of its strong tokenomics and the excellent partnership among Binance and Paxos. BUSD, which was introduced in 2019, has had phenomenal growth, with a market cap of over $20 billion. In the current stablecoin rankings, BUSD is third after USDC and USDT.