Main navigation

Polygon and Avalanche Now Support Binance's BUSD Stablecoin

Tue, 09/20/2022 - 20:08
article image
Alex Dovbnya
Binance USD (BUSD), Binance’s house-own stablecoin, is now available on Avalanche and Polygon
Polygon and Avalanche Now Support Binance's BUSD Stablecoin
Cover image via
Read U.TODAY on
Google News

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.    

Ripple Scam Promoted by Hacked Account of Oman's Indian Embassy
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.

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.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at