Binance deploys BUSD to Avalanche and Polygon to increase influence of home-made stablecoins

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2022-09-20 08:21:52

In the context of the stablecoin niche undergoing notable changes, Binance has announced support for BUSD on new networks.

Binance Deploys BUSD to Polygon and Avalanche Networks

Following the strategy of taking over the stablecoin “piece of cake”, Binance has increased the influence of BUSD through the deployment to two networks Avalanche and Polygon.

In a September 19 announcement, Binance will start supporting BUSD deposits and withdrawals on the Avalanche and Polygon chains. Notably, this is the native BUSD format and will be a stepping stone to help this stablecoin expand its influence on other blockchains (besides the home ground of BNB Chain).

In total, after being integrated, BUSD is available on 4 blockchain platforms including Ethereum, BNB Chain, Polygon and Avalanche.

Official announcement from Binance homepage

In parallel with this move, Binance is still rolling out support for zero-fee trading for the ETH-BUSD pair. This is the next step for Binance to support BUSD to capture more stablecoin market share. Earlier in September, Binance said it would standardize the stablecoins deposited into the BUSD format.

Binance deploys BUSD to Avalanche and Polygon to increase influence of home-made stablecoins

See also: Binance becomes a “dictator” when changing the name of stablecoins on the exchange to BUSD

The battle between stablecoins is extremely fierce, when almost all resources from the parties are focused on encouraging the use of their issued tokens.

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