Binance USD (BUSD), Binance’s proprietary stablecoin, is now available on Avalanche and Polygon
Cryptocurrency giant Binance’s stablecoin, Binance USD (BUSD), is now available on Avalanche and Polygon, according to an announcement on Tuesday.
The exchange says users can now explore the above two ecosystems “safely” and “efficiently” using 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 largest cryptocurrency by market cap. It is currently valued at $20.5 billion, according to data from CoinMarketCap.
In early September, Binance announced that it would be converting its users’ balances and deposits from True USD (TUSD), USD Coin (USDC), and Pax Dollar (USDP) to BUSD. The company explained that such a change was necessary to “improve liquidity.”
The decision to remove competing stablecoins will likely boost demand for the in-house BUSD token. However, according to Circle CEO Jeremy Allaire, this could increase the usefulness of the USDC stablecoin.