Polygon and Avalanche Now Support Binance’s BUSD Stablecoin

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Alex Dovb­nya

Binance USD (BUSD), Binance’s house-own sta­ble­coin, is now avail­able on Avalanche and Polygon

Binance USD (BUSD), the sta­ble­coin of cryp­tocur­ren­cy giant Binance, is now avail­able on Avalanche and Poly­gon, accord­ing to a Tues­day announce­ment.

The exchange says that users can now explore the two afore­men­tioned ecosys­tems “safe­ly” and “effi­cient­ly” with the help of the BUSD token.

Binance launched its sta­ble­coin on the Ethereum blockchain in part­ner­ship with Pax­os back in Sep­tem­ber 2019. 

The BUSD token is cur­rent­ly the sev­enth-biggest cryp­tocur­ren­cy by mar­ket cap­i­tal­iza­tion. It is cur­rent­ly val­ued at $20.5 bil­lion, accord­ing to data pro­vid­ed by Coin­Mar­ket­Cap.

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In ear­ly Sep­tem­ber, Binance announced that it would con­vert its users’ bal­ances and deposits of True USD (TUSD), USD Coin (USDC), and Pax Dol­lar (USDP) into BUSD.  The com­pa­ny explained that such a change was nec­es­sary in order to “enhance liquidity.”

The deci­sion to remove com­pet­ing sta­ble­coins will like­ly bol­ster demand for the house-own BUSD token. How­ev­er, accord­ing to Cir­cle CEO Jere­my Allaire, this could actu­al­ly increase the util­i­ty of the USDC sta­ble­coin.

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